Shein's valuation falls to $27 billion ahead of Hong Kong IPO

Chinese fast-fashion retailer Shein is preparing to list on the Hong Kong stock exchange at a valuation of approximately $27 billion, sharply lower than the roughly $100 billion figure it was reported to have reached a few years earlier. The decline follows a slowdown in sales growth after the company reported a $3.4 billion profit in 2024. Revenue rose 21% in 2024 but slowed to 8% in 2025 and to roughly 1% in early 2026, according to the company's IPO filing in Hong Kong, which also showed it recorded a loss in the first quarter of 2026. Shein, which generated more than $40 billion in annual revenue, has faced direct competition from low-cost platforms including Temu, TikTok Shop and Amazon Haul. Regulatory changes have added to the pressure. The United States ended the de minimis system that had exempted low-value parcels from China, while the European Union introduced customs duties on small packages. The company said it is struggling to maintain its low-price model under tighter customs conditions and rising costs.