Shein aims $30-$40B valuation in Hong Kong IPO August 28
Shein, the fast-fashion brand, is getting ready for its big IPO debut in Hong Kong on August 28.
The company, originally founded in China but now based in Singapore, is aiming for a valuation between $30 billion and $40 billion, way down from its nearly $100 billion peak in 2022.
Shein faces $99 million loss, $328 million charge
Shein first looked at New York and London for its IPO but switched to Hong Kong after facing slower growth, higher costs, and changing conditions in its key markets.
The US dropping an import-duty exemption hit Shein hard, leading to a $99 million loss last quarter. On top of that, accounting changes added a $328 million charge.
Despite these setbacks, Shein's Hong Kong IPO is expected to be closely watched as it seeks to navigate a more challenging operating environment.