Shein’s $100B Valuation Collapses to About $27B Ahead of Hong Kong IPO

Shein is heading toward the public market at a fraction of its former valuation.
The fast-fashion giant is reportedly preparing a Hong Kong listing at around $27 billion, down roughly 73% from the $100 billion valuation it reached in 2022.
The markdown follows a major slowdown in the business.
Growth has stalled, competition from Temu has intensified, and Shein swung to a $99 million quarterly loss from a $395 million profit a year earlier.
That is the danger with private-market valuations.
When growth is explosive, companies can be marked at increasingly aggressive prices without the constant scrutiny of public markets.
Once the growth stops, the reset can be brutal.
Shein went from a $100 billion private-market story to a potential $27 billion public listing.
The hype multiple disappeared. Now investors have to price the actual business.