Fast-fashion giant Shein raised approximately $1.73 billion in its Hong Kong initial public offering, pricing its shares at HK$48.56. This gives the company a market capitalization of about $26.5 billion, a stark decrease from its nearly $100 billion valuation during a 2022 funding round and a $66 billion valuation in 2023.
The significantly lower valuation reflects mounting headwinds for the Singapore-headquartered retailer. Shein is contending with slowing revenue growth, increased competition from rivals like PDD-owned Temu, and higher costs associated with new tariffs and regulatory scrutiny in key markets like the U.S. and Europe. The company reported a loss of $99 million in the first quarter of 2026, a reversal from a $395 million profit the prior year.