Shein pushes back Hong Kong debut to September amid delayed investor orders: sources

The fast-fashion firm originally aimed to wrap up its IPO in August, but a delay in investor orders has forced a change of plan, sources say

Fast-fashion retailer Shein Global Holdings has pushed back its Hong Kong market debut until September 1, after a small delay in taking investor orders for its initial public offering (IPO) at a reduced valuation, according to sources familiar with the matter.

Shein plans to introduce multiple cornerstone investors, though most positions will be taken up by existing shareholders, the sources told the South China Morning Post. Investment banks involved in the deal are also considering arranging their own funds to serve as cornerstone investors, they added.

The company now intends to start book-building from August 24. It originally aimed to complete the entire IPO process by the end of August.

Discussions over the listing have yet to conclude, meaning details regarding the deal size, valuation and timing could still change.

Founded in China and now headquartered in Singapore, Shein’s key existing shareholders include founder Xu Yangtian – also known as Chris Xu – and other co-founders, as well as venture capital and sovereign funds including Tiger Global Management, IDG Capital, Boyu Capital and HSG – formerly known as Sequoia China.