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Shein's IPO valuation slides below $30bn on weak demand
Shein pitches Hong Kong IPO in the mid-to-high $20bn range, below a $30bn floor, as net profit dropped 39% in 2025 and losses widen in early 2026.
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Shein is struggling to hold a $30bn valuation floor for its Hong Kong IPO as prospective investors push back on price, the Financial Times reported.
The fast-fashion retailer is now pitching the float at a valuation in the mid-to-high $20bn range, a steep drop from the $98.2bn it commanded during a 2022 funding round. Last week Shein still had internal targets between $30bn and $40bn.
Investor interest has emerged below Shein's internal $30bn floor, the FT said. If the company proceeds at the lower valuation, it would need to consult existing shareholders.