Shein Global Holdings is set to begin trading on the Hong Kong Stock Exchange on September 1, after pricing its IPO at HK$48. The listing, one of Hong Kong’s largest new share sales this year, values the Singapore-headquartered fast-fashion giant at between $26 billion and $26. That number sounds enormous until you remember Shein was valued at nearly $100 billion during its private-market peak in 2022. A valuation decline of more than 70% in four years tells a story that no amount of IPO fanfare can fully dress up. Advertisement The numbers behind the debut Shein sold around 280 million shares in the offering, which will trade under the ticker symbol 0625.