Shein targets $25B valuation in Hong Kong IPO, a steep fall from its $98B peak

Shein, the ultra-fast-fashion company that once commanded a private valuation north of $98 billion, is preparing to list in Hong Kong at a price tag that’s roughly a quarter of what it was worth at its peak. The company is marketing the IPO to investors now, with a target launch date of August 19. Bloomberg Intelligence pegs Shein’s valuation at $22 billion to $25 billion. For context, that $98.2 billion high was set in 2022, and by 2024 the company had already slipped to $64 billion. A long road to going public Shein originally pursued a listing in New York, which fell apart amid regulatory scrutiny and political headwinds tied to the company’s China-linked supply chain. A London listing was explored next and also fizzled. Hong Kong became the fallback, and the China Securities Regulatory Commission granted its approval for the listing in July 2026. To sweeten the deal for late-stage investors who bought in at much higher valuations, Shein is reportedly offering possible cash payouts or additional shares. The numbers tell a complicated story Shein’s first quarter of 2026 produced a net loss of $99 million, a reversal of previous profitability. Profitability declined by 38.7% in 20...