STOCKS | Shein Raises $1.7 Billion in Hong Kong IPO

Shein raised about $1.7 billion in its Hong Kong initial public offering, selling 280 million shares at HK$48.56 each. According to Sina Finance, about 40% of the proceeds will be used to improve technology capabilities, another 40% to raise brand awareness and strengthen global influence, 10% for corporate responsibility initiatives, and 10% for general corporate purposes. Cornerstone investors and pre-IPO investors face a six-month lockup. Cornerstone investors include Boyu, Tiger Global, General Atlantic, Tencent, Hillhouse, Taikang, and UBS. Goldman Sachs, Morgan Stanley, and JPMorgan were joint sponsors.