Name: Why Shein’s $26 Billion IPO Ended Up in Hong Kong
Uploaded: 2026-09-01T13:07:00Z
Duration: 2 min 19 s
Description: Shein’s shares fell on its Hong Kong debut after years of failed attempts to list elsewhere. WSJ’s Stu Woo explains the challenges facing the Chinese fast-fashion giant and what’s fueling the city’s IPO boom.

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Shein’s shares fell on its Hong Kong debut after years of failed attempts to list elsewhere. WSJ’s Stu Woo explains the challenges facing the Chinese fast-fashion giant and what’s fueling the city’s IPO boom. Photo: Venron Yuen/Nexpher Images/ZUMA Press

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Shein’s shares fell on its Hong Kong debut after years of failed attempts to list elsewhere. WSJ’s Stu Woo explains the challenges facing the Chinese fast-fashion giant and what’s fueling the city’s IPO boom.

Why Shein’s $26 Billion IPO Ended Up in Hong Kong

If you haven't heard of Shein, there's a good chance that your teenage son or daughter has. That's because they're the Chinese fast fashion company that's been selling $3 t-shirts and $10 jeans to a lot of young Americans. And after years of drama, Shein finally made its debut today in Hong Kong, but that wasn't their first choice. That was New York. Wasn't even their second choice, that was London. When they finally debuted today, they did so at a market valuation, which is about a quarter of what it was in 2022. So when Shein tried to list in New York in 2024, there were two big problems. Number one was that a lot of US lawmakers are saying, "Hey, Shein is a Chinese company and their products might contain cotton from Xinjiang, which is a region Northwest China where US lawmakers say there could be forced labor." They didn't want cotton that was harvested with forced labor coming in the US potentially. Number two is this trade loophole called the de minimis rule. That allowed goods worth less than $800 to go from China to the US without being tariffed. And the US has since closed that loophole, so there's a lot of questions about whether customers, especially teenagers, would still pay for Shein products if they cost more. For years, Shein has tried to rebrand itself, not as a Chinese retailer, but as a global one. It moved its headquarters from China to Singapore. It bought a US company, Everlane, and also tried to move its supply chains out of China. But at the end of the day, it turns out that Chinese supply chain is really what made it work. In its IPO perspectives, it said that 90% of its supply chain was still in China. Besides Shein, there have been other big IPOs on the Hong Kong market this year, including a pork producer that owns the biggest pig farm in China, but the real excitement is over electronics companies related to AI or robotics. These include suppliers to Nvidia and Apple and also companies that are making humanoid robots. There's two big reasons that are really driving these listings in Hong Kong. Number one, general excitement over the tech sector in China. And number two, a lot of these Chinese companies are doing secondary listings in Hong Kong. What are the advantages of that? Well, there's a lot of capital controls in mainland China, so it's hard to move money in and out of China, number one. And number two, the US dollar and the Hong Kong dollar are pegged to each other, so that gives some investors a little bit more stability. The Hong Kong market is really one to watch over the next few years. There's a lot of exciting Chinese companies, whether they're leading edge AI companies or robotics companies or even consumer companies that are going global. So Hong Kong might be the birthplace of a lot of these international brands coming out of China.