IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Shein-W |
|---|---|
| Stock Code | 00625 |
| Company Full Name | SHEIN Global Holdings Limited |
| Industry | Consumer Discretionary |
| Principal Activities | A global online fashion and lifestyle company offering products such as apparel, footwear, accessories, beauty, and home goods, selling through its own-brand and mall models, and operating under a large-scale automated small-batch, quick-response model. |
| Listing Date | 2026-09-01 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 8A不同投票權 |
| Weighted Voting Rights (WVR) | Yes |
| Registered Address (Mainland China) | 中國廣州番禺區萬惠二路四海城5棟 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | Cayman Islands |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.sheingroup.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 48.56 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 4,856 |
| Par Value | To be extracted |
| Offer Period | 2026-08-24 to 2026-08-27 |
| Global Offering Shares | 279,992,500 shares |
| HK Public Offer Shares (Initial) | 27,999,300 shares (10.0%) |
| Public Offer Lots (Initial) | 279,993lots (Pool A139,996lots，Pool B139,997lots) |
| International Placing Shares (Initial) | 251,993,200 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 4,246,202,609 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | GOLDMAN SACHS (ASIA) L.L.C. CE ACC536 |
| Cornerstone Share | 22.2% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 13,596,435,800 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 4,856 |
| 2 lots | 200 | HK$ 9,712 |
| 3 lots | 300 | HK$ 14,568 |
| 4 lots | 400 | HK$ 19,424 |
| 5 lots | 500 | HK$ 24,280 |
| 6 lots | 600 | HK$ 29,136 |
| 7 lots | 700 | HK$ 33,992 |
| 8 lots | 800 | HK$ 38,848 |
| 9 lots | 900 | HK$ 43,704 |
| 10 lots | 1,000 | HK$ 48,560 |
| 20 lots | 2,000 | HK$ 97,120 |
| 30 lots | 3,000 | HK$ 145,680 |
| 40 lots | 4,000 | HK$ 194,240 |
| 50 lots | 5,000 | HK$ 242,800 |
| 60 lots | 6,000 | HK$ 291,360 |
| 70 lots | 7,000 | HK$ 339,920 |
| 80 lots | 8,000 | HK$ 388,480 |
| 90 lots | 9,000 | HK$ 437,040 |
| 100 lots | 10,000 | HK$ 485,600 |
| 200 lots | 20,000 | HK$ 971,200 |
| 300 lots | 30,000 | HK$ 1,456,800 |
| 400 lots | 40,000 | HK$ 1,942,400 |
| 500 lots | 50,000 | HK$ 2,428,000 |
| 1,000 lots | 100,000 | HK$ 4,856,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 150,000 | HK$ 7,284,000 |
| 2,000 lots | 200,000 | HK$ 9,712,000 |
| 2,500 lots | 250,000 | HK$ 12,140,000 |
| 5,000 lots | 500,000 | HK$ 24,280,000 |
| 7,500 lots | 750,000 | HK$ 36,420,000 |
| 10,000 lots | 1,000,000 | HK$ 48,560,000 |
| 15,000 lots | 1,500,000 | HK$ 72,840,000 |
| 17,500 lots | 1,750,000 | HK$ 84,980,000 |
| 22,500 lots | 2,250,000 | HK$ 109,260,000 |
| 30,000 lots | 3,000,000 | HK$ 145,680,000 |
| 139,996 lots | 13,999,600 | HK$ 679,820,576 |
Stock Connect Inclusion Analysis
| Inclusion Pathway | Weighted Voting Rights (WVR) |
|---|---|
| Est. Threshold | --- |
| Analysis Result | HK market cap met, expected inclusion ~2027-06-07 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 206,195,598,693 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | Net profit USD 2,064 million |
| Period-End Cash Balance | USD 4,481 million |
| Listing Expenses | ~HK$ 470,600,000 |
| Listing Expenses / Funds Raised | ~3.5% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 40% will be used to enhance technical capabilities, approximately 40% to increase brand awareness and strengthen global presence, approximately 10% to strengthen corporate responsibility, and approximately 10% for general corporate purposes. |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (1)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536(sole)
Overall Coordinators (5)
Joint Global Coordinators (5)
Joint Bookrunners (8)
Joint Lead Managers (8)
Capital Market Intermediaries (8)
Stabilizing Manager (1)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
世达国际律师事务所及联属公司 金杜律师事务所 迈普达律师事务所（香港）有限法律责任合伙 |
| Legal Advisor to Sponsors/Underwriters |
瑞生国际律师事务所有限法律责任合伙 海问律师事务所 |
| Auditor and Reporting Accountant | 德勤•关黄陈方会计师行 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks |
香港上海汇丰银行有限公司 CE AAA523 中信银行（国际）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Boyu | 15,000,000,000 USD | 24,244,000 | 8.70% | 0.60% | 6 months | 2027-03-01 |
| 2 | Tiger Global | 5,300,000,000 USD | 8,566,200 | 3.10% | 0.20% | 6 months | 2027-03-01 |
| 3 | General Atlantic | 5,000,000,000 USD | 8,081,300 | 2.90% | 0.20% | 6 months | 2027-03-01 |
| 4 | 騰訊 | 5,000,000,000 USD | 8,081,300 | 2.90% | 0.20% | 6 months | 2027-03-01 |
| 5 | 景林 | 3,000,000,000 USD | 4,848,800 | 1.70% | 0.10% | 6 months | 2027-03-01 |
| 6 | 泰康人壽 | 3,000,000,000 USD | 4,848,800 | 1.70% | 0.10% | 6 months | 2027-03-01 |
| 7 | UBS AM Singapore | 2,000,000,000 USD | 3,232,500 | 1.20% | 0.10% | 6 months | 2027-03-01 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 許仰天 | Yangtian Xu |
| Company Secretary | 郭恩廷 | — |
| Independent Non-Executive Director | 李廷斌 | Denny Ting Bun Lee |
| Executive Director | 苗苗 | Miao Miao |
| Independent Non-Executive Director | 蔡洪濱 | Hongbin Cai |
| Executive Director | 顧曉慶 | Xiaoqing Gu |
| Independent Non-Executive Director | 林明彥 | Ming Yan Lim |
| Executive Director | 任曉慶 | Xiaoqing Ren |
Major Shareholders
| Major Shareholders & Holdings | Mr. Xu Yangtian holds 56.44% of the Class A shares and 17.21% of the Class B shares; Ms. Miao Miao, Ms. Gu Xiaoqing and Mr. Ren Xiaoqing each hold 14.52% of the Class A shares; IDG entities hold 10.87% of the Class B shares; Sequoia Capital holds 7.97% of the Class B shares, etc. |
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