Online fast-fashion retailer Shein is eyeing a company valuation in its planned Hong Kong IPO of just a quarter of the nearly $100 billion number seen in a share sale four years ago, sources said, as its growth has slowed. Two people familiar with the situation said Shein’s value was likely to be around US$25 billion in the IPO, while a third source said the company was looking at a valuation of between $25 billion and $28 billion, based on the marketing price band for the offering. That’s down from the$30 billion to $40 billion range Reuters reported Shein was aiming for at the start of this month, soon after it began investor meetings on the issue. The valuation decline since 2022 comes as Shein’s biggest markets began a crackdown on e-commerce platforms selling cheap Chinese-made goods, hurting the company’s growth prospects. Founded in China in 2012 and known for selling $5 dresses and $10 jeans to shoppers in about 160 countries, Shein is aiming to launch its much-awaited initial public offeringlater this week, Reuters has reported.