Shein’s IPO loses shine as Hong Kong listing targets a fraction of its peak value
Shein’s long-gestating public listing is finally moving forward in Hong Kong at roughly a $25.7–$26.8 billion valuation—about a quarter of its 2022 peak—after years of regulatory scrutiny, tax-exemption changes, labor and Xinjiang-related concerns, and rising competition from Temu; the company seeks to raise about $1.7–$1.8 billion, has shifted focus from London to Hong Kong, and disclosed a Q1 net loss while signaling pricing adjustments to offset higher tariffs, illustrating a geopolitically charged, cautious path for ultra-fast fashion IPOs.
