77 billion in its initial public offering on the Hong Kong Stock Exchange, a long-awaited move that values the company at roughly a quarter of its private-market peak four years ago. According to a filing on Monday, the company is selling about 280 million Class B shares priced between HK$47. At the top of that range, the offering would value Shein at close to $27 billion. The IPO comes after Shein scrapped plans for listings in New York and London over the past four years, facing regulatory headwinds and political scrutiny in both markets. The $27 billion valuation marks a precipitous drop from earlier private fundraising rounds.