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Shein weighs cornerstone investor commitments for Hong Kong IPO
The company has earmarked at least $400 million of stock for cornerstone investors and is targeting a $26 billion to $27 billion valuation while seeking about $2 billion of proceeds.
Shein is seeking fresh commitments from existing investors tied to an upcoming initial public offering in Hong Kong, after a string of earlier listing attempts failed to deliver an exit, according to Bloomberg and reflected in Shein materials discussed by Yahoo Finance.
The report says Chinese investment manager Boyu Capital and UBS Asset Management are in talks to serve as cornerstone investors for the Hong Kong listing. Shein has set aside at least $400 million in shares for cornerstone investors and is aiming to raise roughly $2 billion overall at a valuation of $26 billion to $27 billion.
Other existing investors, including Tencent and General Atlantic, are also considering whether to commit, the report adds. Boyu is described as one of Shein's largest identifiable shareholders, holding Series D and D+ preferred shares priced to imply about $815 million in value, based on the company's draft IPO prospectus.
Shein's IPO efforts have followed setbacks across multiple markets, with Yahoo Finance noting that the company pursued listing venues in New York and London before those deals collapsed. The firm confidentially filed for a US IPO in November 2023, but faced scrutiny in Washington over supply chain issues, China ties, and its heavy reliance on the US de minimis trade exemption, which the Trump administration ended for Chinese and Hong Kong goods in May 2025 and for goods from the rest of the world in August 2025. It later turned back to London before moving to Hong Kong after approval from China's securities regulator, per the article text.