Latham & Watkins and Skadden are among the firms advising as China-founded fast fashion retailer Shein prepares for its long-trailed IPO in Hong Kong.
Skadden is acting as lead advisor to the issuer, while Latham is principal advisor to the joint sponsors and the underwriters, which include Morgan Stanley, Goldman Sachs, and J.P. Morgan Securities.
Both firms are ranked in tier 1 by Legal 500 for equity capital markets in Hong Kong, and Skadden previously advised Shein on its 2023 strategic partnership with Forever 21 brand owner SPARC Group Holdings.
Also advising Shein on the float are King & Wood on Chinese law and Maples and Calder on Cayman Islands law. Haiwen & Partners is advising the joint sponsors and underwriters on Chinese law.
Shein is set to list on 1 September, after receiving approval from the Chinese Securities Regulatory Commission last month.
The company plans to offer just under 280m Class B shares at a maximum price of HK $49.50 each. Around 28m will be offered to Hong Kong investors, with the remaining 252m allocated to international investors, according to a listing notice published by the Hong Kong Stock Exchange today.
At the top of this range, the IPO would raise just under US $1.8bn, for a total market valuation of roughly $27bn – down more than 70% on its widely reported peak valuation of US $100bn in 2022.
Founded in 2008 in Nanjing by current CEO Chris Xu, Shein saw rapid growth over lockdown as its ultra-fast, affordable and direct-to-consumer model found customers across the globe.
However, it has faced growing challenges in recent years, including criticism over supply-chain practices, geopolitical tensions and the rise of competitors such as Temu.
In 2025, the company reported $2.06bn in net income, according to the listing notice – down 39% from the $3.37bn it reported in 2024, despite net revenue increasing by nearly $3.1bn in the same period. In Q1 of this year, the company reported a $99m loss in net income.
Shein, which has its headquarters in Singapore, previously attempted to list in New York and London, but hit roadblocks due to regulatory and political opposition.
Hong Kong’s IPO market has boomed in recent years, fuelled by regulatory reforms and renewed international investor appetite in Chinese companies, with Hong Kong becoming the world’s top IPO fundraising venue last year.
