Shein, the Singapore-headquartered fast-fashion giant, is currently pitching its IPO to investors at a valuation below $30 billion, representing a roughly 70% decline from its $100 billion peak achieved during a 2022 fundraising round. The company projects revenue of $41.8 billion for 2025, an 8% year-over-year increase, but expects a net loss of $99 million in Q1 2026 due to the expiration of US tariff exemptions on low-value imports. Shein is targeting a Hong Kong listing as early as mid-August 2026, after receiving approval from China’s securities regulator on July 10, 2026, though some cornerstone investors are pushing for a valuation in the $30 billion to $32 billion range.
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