Shein is considering reducing the cost basis for select late-stage investors ahead of its planned Hong Kong IPO. The company, valued at nearly $100 billion during a 2022 funding round, is now targeting an IPO valuation of $40 to $50 billion, representing an approximately 60% decline. Shein reported $41.8 billion in revenue for 2025, but its annual growth has slowed sharply to 8%, down from 20.7% the prior year, and the company posted a $99 million net loss in Q1 2026 due to US tariffs on small parcels. The China Securities Regulatory Commission approved the Hong Kong listing in July 2026, with the company targeting a $2 to $3 billion raise and a potential launch between August and September 2026.
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