Shein to seek $1.7 bln from September listing in Hong Kong

HONG KONG

Shein will debut on the Hong Kong stock exchange on Sept.1, seeking to raise $1.7 billion from the long-awaited listing, the fast-fashion giant said on Aug. 24.

The online retailer plans to offer 280 million shares at a price between HK$47.60 and HK$49.50, raising up to HK$13.86 billion ($1.7 billion), it said in a filing to the bourse.

The higher price would value the company at around $26.8 billion.

Founded in China and now headquartered in Singapore, Shein finally won Beijing's approval last month to make its initial public offering in Hong Kong.

Plans to list in New York and London had been held back in recent years by regulatory hurdles, according to media reports.

With most of its factories located in China, Shein sets itself apart from its competitors thanks to the speed of its product design and its highly efficient production and supply chain.

Its vast selection of products at stunningly low prices has brought Shein into the same league as Amazon in the United States.

But it has been scrutinised over its environmental footprint and allegations of human rights violations, though its executive chairman told AFP last year that the company has "zero tolerance" on forced labour.