Shein received Beijing’s approval for a Hong Kong listing after failing in New York and London. The fast-fashion retailer’s revenue grew only 8% to $41.8 billion in 2025, decelerating from 20.7% growth a year earlier. The company posted a $99 million loss in Q1 2026 after the U.S. removed import-duty exemptions on small packages and booked a hefty one-time accounting charge. Investors are questioning whether the $30-plus billion valuation can be sustained as growth stalls and competition intensifies from rivals like Temu. Shein’s U.S. business is also under investigation by the Federal Trade Commission, which could result in significant fines.
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