Shein’s fourth IPO attempt—will it really come to Hong Kong stocks this August?

Fast-fashion cross-border giant Shein has had a bumpy path to raising capital: its 2023 bid to go public in the US failed, in 2024 it shifted to London and stalled, and in 2025 its first Hong Kong stocks filing expired after six months. Its fourth attempt has finally managed to get to the door. On July 10, the Securities and Futures Commission’s overseas listing filing was finalized. It plans to issue no more than 342 million shares. Reuters also said that on July 16, the Hong Kong Exchanges and Clearing (HKEX) will hold the hearing, and Bloomberg tracked as well: the fastest timeline is that it could be listed as early as August, raising $2.0–3.0 billion, with a target valuation of $40–50 billion.

If this deal goes through, it will most likely be one of the largest Hong Kong stock consumption and retail IPOs of 2026, directly boosting the HKEX 0388 fee and trading-volume narrative. In addition, the cross-border valuation anchor in the comparable set—PDD, the one listed by PDD—will be pulled out again and again for comparison. On-chain, the Hong Kong dollar stablecoin + RWA narrative has recently been repriced, and ETH as the underlying settlement asset will benefit along the way as well. Shein’s model of “China’s supply chain + global merchant acquiring” is exactly the scenario that stablecoin cross-border settlement is most eager to tap.

Four years, four cities—the filing in hand is just the passing mark. The “commitment checklist” is the real exam paper. Whether it can fly on time in August still depends on whether the hearing on Thursday gives it a fair shot.