After fast-fashion retailer Shein received approval from the China Securities Regulatory Commission to list in Hong Kong, investors have raised questions about whether it can maintain a valuation of over $40 billion. Analysts believe Shein has missed the “golden period” for going public, as its growth engine is slowing and it faces higher costs and increasing regulatory scrutiny. The company’s revenue is projected to grow by 8% to $41.8 billion in 2025—a slower pace than the previous year—and it is expected to post a loss in the first quarter of 2026. Some analysts predict that Shein’s market capitalization after the IPO may stabilize in the range of $20 billion to $30 billion, far below its 2022 valuation of nearly $100 billion.