Shein is preparing a Hong Kong IPO with a target valuation of $25 billion, roughly a quarter of its $98 billion peak reached in 2022. The company posted a net loss of $99 million in Q1 2026 and a 38.7% decline in profitability in 2025. The IPO could raise around $3 billion. Shein abandoned its New York and London listing attempts due to regulatory scrutiny and political headwinds tied to its China-linked supply chain. The company faces risks from US tariff changes and intensifying competition from Temu.
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