SHEIN is seeking an initial public offering (IPO) in Hong Kong, targeting a valuation of approximately $25 billion to $28 billion, a significant decrease from its 2022 valuation of $98.2 billion. At a $25 billion valuation, the company aims to raise up to $2 billion by selling an 8% stake. This valuation markdown reflects slower growth, increased tariffs, regulatory pressures, and heightened competition, with its Q1 2026 revenue growth at only 1.1% and a quarterly loss of $99 million.