Shein secured approval from China’s securities regulator (CSRC) on July 10 and plans to launch its Hong Kong IPO on August 24, 2026, with a targeted listing around September 1. The company has significantly scaled back its ambitions: its target valuation sits between $26 billion and $40 billion, down from $100 billion during a 2022 private funding round, representing an approximate 74% decline. In 2025, revenue reached $41.85 billion (+8% year-over-year), but net income plummeted 38.7% to $2.06 billion. In Q1 2026, the company posted a net loss of $99 million, compared to a $395 million profit in the same quarter of 2025. US revenue dropped 14.3% year-over-year to $2.04 billion, now accounting for just 22.5% of total revenue. Shein is targeting a $2-3 billion fundraising from the IPO, with UBS as the cornerstone investor.
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