The China-founded, Singapore-headquartered business has launched the sale of 280 million shares priced between HK$47. Shein, which sells low-cost fashion to customers in around 160 countries, had previously considered stock market listings in New York and London before turning to Hong Kong. Investor appetite is likely to be shaped by a more difficult operating backdrop, including tariffs, rising compliance costs, tougher regulation and increasing competition in global e-commerce. Morningstar’s Asia equity research director Lorraine Tan said the reduced valuation reflected a change in Shein’s prospects compared with two or three years ago, when a public listing was first discussed. The company expects first-half revenue growth in 2026 to be broadly in line with the 1.