Shein could enter the public markets worth only about a quarter of its peak private valuation, highlighting how dramatically the outlook has changed for the fast-fashion giant as tariffs, regulatory scrutiny and slowing sales take their toll.
The company is targeting a valuation of around $25 billion for its long-awaited Hong Kong initial public offering, according to people familiar with the deal. Another estimate puts the potential valuation at up to $28 billion based on the offering's marketing price range.
