IPO Timeline
Broker Deadline
2026-08-27
Morning deadline
HKEX Deadline
2026-08-27
Noon deadline
Broker Results (T-2)
2026-08-28
Some brokers release in afternoon
Grey Market (T-1)
2026-08-31
Afternoon
HKEX Allotment (T-1)
2026-08-31
Evening
Registrar Allotment (T-1)
2026-08-31
Evening
Listing Day (T)
2026-09-01
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 | 全球線上時尚和生活方式公司，提供服裝、鞋類、配飾、美妝、家居等產品，透過自有品牌及商城模式銷售，運用大規模自動化小單快返模式運營。 |
| 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 | 開曼群島 |
| Listing Method | 全球發售 |
| 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 | To be extracted |
| Offer Price Range | HK$ 47.60 - 49.50 |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 4,950 |
| 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 (139,996lots, 139,997lots) |
| 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$ 13,859,628,750 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 4,950 |
| 2 lots | 200 | HK$ 9,900 |
| 3 lots | 300 | HK$ 14,850 |
| 4 lots | 400 | HK$ 19,800 |
| 5 lots | 500 | HK$ 24,750 |
| 6 lots | 600 | HK$ 29,700 |
| 7 lots | 700 | HK$ 34,650 |
| 8 lots | 800 | HK$ 39,600 |
| 9 lots | 900 | HK$ 44,550 |
| 10 lots | 1,000 | HK$ 49,500 |
| 20 lots | 2,000 | HK$ 99,000 |
| 30 lots | 3,000 | HK$ 148,500 |
| 40 lots | 4,000 | HK$ 198,000 |
| 50 lots | 5,000 | HK$ 247,500 |
| 60 lots | 6,000 | HK$ 297,000 |
| 70 lots | 7,000 | HK$ 346,500 |
| 80 lots | 8,000 | HK$ 396,000 |
| 90 lots | 9,000 | HK$ 445,500 |
| 100 lots | 10,000 | HK$ 495,000 |
| 200 lots | 20,000 | HK$ 990,000 |
| 300 lots | 30,000 | HK$ 1,485,000 |
| 400 lots | 40,000 | HK$ 1,980,000 |
| 500 lots | 50,000 | HK$ 2,475,000 |
| 1,000 lots | 100,000 | HK$ 4,950,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 150,000 | HK$ 7,425,000 |
| 2,000 lots | 200,000 | HK$ 9,900,000 |
| 2,500 lots | 250,000 | HK$ 12,375,000 |
| 5,000 lots | 500,000 | HK$ 24,750,000 |
| 7,500 lots | 750,000 | HK$ 37,125,000 |
| 10,000 lots | 1,000,000 | HK$ 49,500,000 |
| 15,000 lots | 1,500,000 | HK$ 74,250,000 |
| 17,500 lots | 1,750,000 | HK$ 86,625,000 |
| 22,500 lots | 2,250,000 | HK$ 111,375,000 |
| 30,000 lots | 3,000,000 | HK$ 148,500,000 |
| 139,996 lots | 13,999,600 | HK$ 692,980,200 |
Stock Connect Inclusion
| HK Market Cap | 994亿港元 |
|---|
| Inclusion Pathway | 同股不同权 (WVR) |
|---|---|
| Est. Threshold | 200亿港元 |
| Analysis Result | 预计2027年6月7日入通（上市满6个月+20个交易日后可申请纳入） |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 202,119,244,188 - 210,187,029,145 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約20.64億美元 |
| Period-End Cash Balance | 美元4,481百萬元 |
| Listing Expenses | ~HK$ 470,600,000 |
| Listing Expenses / Funds Raised | ~3.5% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | 約40%用於提升技術能力，約40%用於提高品牌知名度和增強全球佈局，約10%用於加強企業責任，約10%用於一般企業用途 |
|---|
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)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Morgan Stanley Asia Limited CE AAD291
J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED CE AAJ321
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
UBS AG Hong Kong Branch
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
Merrill Lynch (Asia Pacific) Limited CE AAC198
华美银行香港分行
Joint Lead Managers (8)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Morgan Stanley Asia Limited CE AAD291
J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED CE AAJ321
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
UBS AG Hong Kong Branch
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
Merrill Lynch (Asia Pacific) Limited CE AAC198
华美银行香港分行
Capital Market Intermediaries (8)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Morgan Stanley Asia Limited CE AAD291
J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED CE AAJ321
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
UBS AG Hong Kong Branch
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
Merrill Lynch (Asia Pacific) Limited CE AAC198
华美银行香港分行
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 King & Wood 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 |
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523 China CITIC Bank International Limited |
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
| Chairman | 許仰天 |
|---|---|
| Company Secretary | 郭恩廷 |
Executive Director (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 許仰天 | — | Executive Director |
| 2 | 苗苗 | — | Executive Director |
| 3 | 顧曉慶 | — | Executive Director |
| 4 | 任曉慶 | — | Executive Director |
Independent Non-Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李廷斌 | — | Independent Non-Executive Director |
| 2 | 蔡洪濱 | — | Independent Non-Executive Director |
| 3 | 林明彥 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | 許仰天先生持有56.44% A類股份及17.21% B類股份；苗苗女士、顧曉慶女士、任曉慶先生各持有14.52% A類股份；IDG實體持有10.87% B類股份；Sequoia Capital持有7.97% B類股份等。 |
|---|
Offering Structure
Subscription Tiers
IPO Timeline
