On 24 August, SHEIN (00625.HK) formally opened its global offer. Goldman Sachs, Morgan Stanley and JPMorgan act as joint sponsors and overall coordinators. Cornerstone investors include Boyu, Tiger Global, General Atlantic, Tencent, Greenwoods, Taikang Life and UBS Asset Management Singapore. Industry observers say the line-up reflects broad recognition from mainstream global capital markets of the company’s overall strength, competitive moat and long-term growth prospects.
The offer comprises about 279.99 million Class B shares, with Hong Kong’s public tranche at nearly 28 million shares and the international tranche at about 251.99 million. The price band is HK$47.60 to HK$49.50 per share. The Hong Kong public offer runs from 9am on 24 August to noon on 27 August, with trading on the Hong Kong exchange expected to begin at 9am on 1 September in board lots of 100 shares. At the midpoint of HK$48.55, net proceeds are about HK$13.123 billion. The company plans to put roughly 40 per cent into technology capability, 40 per cent into brand awareness and global expansion, 10 per cent into corporate-responsibility initiatives, and the remainder into general corporate purposes.
SHEIN is a global online fashion and lifestyle company. Its “large-scale automated small-batch, fast-reorder” (LATR) operating model resolves the industry’s classic trade-off, balancing product variety, design refresh speed and inventory efficiency at the same time. By 2025 retail sales, SHEIN is already the world’s largest online fashion destination and one of the top five apparel and footwear companies globally, serving about 273 million active customers across roughly 160 markets.
Editor’s note: This is an adapted translation of the original Sohu Technology report. It has been trimmed and restructured for readability for an international business audience.