How to trade SHEINUSDT on Bybit: Shein Pre-IPO Perpetuals guide

Shein, the global online fast-fashion retailer, has officially launched its Hong Kong IPO after earlier listing plans in the US and London stalled. The company is selling 280 million shares at HK$47.60 to HK$49.50 each, valuing it at up to $27 billion, a steep drop from its $100 billion private peak in 2022. Bybit's SHEINUSDT Pre-Market Perpetual contract lets traders take a long or short position on Shein before its shares begin trading on Sep 1.

Key Takeaways:

• Shein launched its Hong Kong IPO on Aug 24, 2026 at HK$47.60–HK$49.50 per share, with trading set to begin Sep 1 under stock code 00625.

• The IPO values Shein at up to $27 billion, roughly 70% below its $100 billion private-market peak in 2022, as slowing growth, tariff headwinds and regulatory probes weigh on investor sentiment.

• Bybit's SHEINUSDT Pre-Market Perpetual lets eligible users go long or short on Shein before public trading begins, without purchasing Shein shares through a brokerage account.

What is Shein?

Shein is a Singapore-based, China-founded online fashion retailer known for selling $5 dresses and $10 jeans to shoppers in about 160 countries and regions. The company has grown rapidly by offering ultra-low-cost clothing at scale, but its expansion is now running into headwinds from higher trade costs, tighter regulatory scrutiny and intensifying competition across global e-commerce.

Shein generated $41.85 billion in revenue in 2025, up from $38.75 billion in 2024 and $32.1 billion in 2023. However, growth has slowed sharply. First-quarter 2026 revenue grew just 1.1%, and first-half 2026 is expected to be broadly in line with that pace.

Shein swung to a $99 million Q1 2026 loss, hit by the end of the US de minimis exemption and a $328 million fair-value charge.

Shein IPO timeline

The company first pursued a US IPO in 2023, then shifted to London, before finally turning to Hong Kong after receiving Chinese regulatory clearance in Jul 2026.

Here are the key dates:

• Jul 2026: Shein receives Chinese regulatory clearance for Hong Kong listing

• Aug 24: IPO officially launches; shares offered at HK$47.60–HK$49.50

• Aug 28: Offer price expected to be determined

• Aug 31: Final IPO price and allocation results to be announced

• Sep 1: Trading begins on the Hong Kong Stock Exchange under stock code 00625

The IPO book was fully covered by investor demand on Aug 25, with orders from existing shareholders and China-focused and multi-strategy funds.

How much is Shein worth?

At the top of the IPO range, Shein is valued at approximately $27 billion, a drop of nearly 70% from its $100 billion private-market peak in 2022. The company was valued at $64 billion as recently as Apr 2024.

At $27 billion, Shein trades at roughly 0.7x forward sales, cheaper than H&M (1.1x) and Inditex (4.0x), but above Zalando (0.4x).

Cornerstone investors led by existing shareholders Boyu, Tiger Global and General Atlantic have subscribed for about $383 million worth of shares. Tencent, Greenwoods, Taikang Life and UBS Asset Management will also take stock.

The company plans to use about 80% of the proceeds to improve its technology and expand its global brand presence. It has also agreed to pay up to $3.5 billion in cash to certain early investors who hold special shares from previous private funding rounds.

Why the valuation dropped

Several headwinds have converged to weigh on Shein's growth outlook:

Tariff shock. The US removed the de minimis exemption that had allowed packages worth less than $800 to enter duty-free. Chinese-origin products sold by Shein are now subject to tariff rates ranging from 10% to 87.5%, triggering a 14.3% drop in US revenues during Q1 2026.

Margin pressure. Operating profit fell 26% in Q1 as marketing and fulfillment costs rose. Marketing expenses jumped 49% in 2025 to $6.2 billion (15% of revenue, up from 11% the year before), and Q1 2026 spending was up another 31.4% year over year.

Regulatory probes. Shein is under investigation by the European Commission and the US Federal Trade Commission. Previous probes resulted in fines in France over alleged fake discounts and in Italy over greenwashing.

Competition. Rivals like PDD-owned Temu continue to fight for the same price-sensitive shoppers, while rising customer acquisition costs erode profitability.

The risks

• Slowing growth and thin margins. Revenue growth slowed from 20.7% in 2024 to 8% in 2025 and just 1.1% in Q1 2026. Operating margins are compressing as tariffs and marketing costs eat into profits.

• Regulatory uncertainty. The EU Digital Services Act investigation, the US FTC probe and data privacy cases in France and Ireland all remain open. Shein has set aside about $80 million for ongoing legal and regulatory cases.

• Governance structure. IPO shares carry one-tenth the voting rights of founder shares. Co-founders Sky Yangtian Xu, Maggie Gu, Molly Miao and Tony Ren will control 90% of voting rights after the listing.

• Geopolitical exposure. A national security review by the Committee on Foreign Investment in the United States (CFIUS) is examining Shein's $80 million purchase of US clothing brand Everlane.

How to trade SHEINUSDT on Bybit Pre-Market Perpetuals

You can trade SHEINUSDT as a Bybit Pre-Market Perpetual, a USDT-settled derivative that lets eligible users take a long or short position on Shein before its shares begin public trading.

This is not equity ownership; you won't receive voting rights or dividends.

1. Fund your Unified Trading Account (UTA) with USDT.

2. Search for the SHEINUSDT ticker in the Trade → Futures → Pre tab.

3. If the contract is in Call Auction mode, tap Auction Now and place a limit order at your desired price. If it's in Continuous Auction mode, all order types are supported. Trade as you would a standard perpetual contract.

4. Adjust your leverage settings according to your personal risk management strategy.

5. Input your order details, then click on Long or Short to execute your trade.

How to cancel your order

Orders can be canceled within 20 minutes after the call auction starts, or during the Continuous Auction phase. Go to your Current Orders tab and click Cancel.

The bottom line

Shein's Hong Kong IPO marks the end of a long and turbulent path to the public markets. The SHEINUSDT Pre-Market Perpetual contract gives traders a way to express a view before Sep 1, but with revenue growth slowing to 1.1% in Q1, rising tariff costs and open regulatory investigations, careful position sizing and risk management are essential.

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