Shein's value drops sharply at Hong Kong IPO
The market value of "Shein," the online fast fashion retailer, has decreased by approximately 70% compared to its peak in 2022, reaching around $27 billion as the company prepares to raise up to $1.77 billion through its initial public offering in Hong Kong. Founded in China and headquartered in Singapore, the company plans to issue approximately 280 million shares at a price between HKD 47.60 and HKD 49.50 per share, with the final price to be announced on August 31 and trading to begin on September 1. This lower valuation comes amid slowing growth and regulatory challenges, as well as the company's efforts to expand its global presence and use the proceeds to enhance its technological capabilities, despite ongoing scrutiny of the environmental and human rights impacts of its operations.
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