Shein received approval from China’s securities regulator for a Hong Kong IPO around July 10, targeting a valuation between $40 billion and $50 billion. This valuation represents a significant drop from the $66 billion valuation in 2023, marking a potential markdown of up to 40%. Founder Sky Xu, who has typically remained very private, will need to adopt a far more public profile as part of the IPO process. The company also pledged $1.5 billion in investments into Chinese manufacturing while facing fierce competition from Temu and TikTok Shop, along with growing regulatory pressure in Europe.
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