Fast-fashion giant Shein’s HKEX main board listing on 1 September raises HKD13.6 billion (USD1.74 billion) in the largest cross-border e-commerce IPO in Hong Kong in 2026 to date. Skadden, King & Wood, Maples Group, Latham & Watkins and Haiwen & Partners advised on the listing.
Shein’s path to a public listing was far from straightforward. In 2023, the company confidentially filed for a US IPO, but later abandoned the plan amid pressure from American lawmakers and regulators.
It then turned to London, confidentially submitting a listing application to the UK Financial Conduct Authority in 2024 and securing approval in 2025. However, with approval from the China Securities Regulatory Commission still pending, Shein ultimately opted for Hong Kong.
The Wall Street Journal reported that Shein was valued at USD100 billion in a private funding round in 2022. Its valuation at the time of Hong Kong listing, however, stood at just USD26.5 billion – less than one-third of its peak valuation.
Skadden advised Shein on Hong Kong and US law. The team was led by corporate partners Du Shu, head of the firm’s Beijing office, and Paloma Wang, co-head of its China practice. It also included partner Danny Tricot and China practice co-head Li Haiping, with partners Kevin Hardy and Sean Shimamoto providing investment and tax advice. King & Wood acted as PRC legal counsel, with partners Zhou Rui and Luo Xiao leading the team. Maples provided Cayman Islands legal advice, with partners Matt Roberts and Karen Zhang Pallaras leading the team.
Goldman Sachs, Morgan Stanley and JPMorgan acted as joint sponsors of the listing. Latham advised the joint sponsors and underwriters on Hong Kong and US law, while Haiwen served as PRC legal counsel, with partners Jackson Tang and Kuang Peizhu leading the team.
Shein has been listed in Hong Kong under a weighted voting rights structure. Each class A share carries 10 votes, while each class B share carries one vote. Following the listing, the company’s four-member founding team – including founder, executive director and chief executive Chris Xu – collectively controls 89.9% of the voting rights, with Xu alone holding 49.9%.
Shein was founded in Nanjing in 2012 and later moved the centre of its supply chain operations to Guangzhou, from where it ships apparel products worldwide. The company relocated its global headquarters to Singapore in 2021.
