Shein faces slower growth, tighter regulation, and stronger competition in key markets. 56 a share, near the midpoint of its marketed range, according to two people familiar with the matter who spoke on condition of anonymity because the pricing has not been made public. Pricing marks sharp valuation decline The expected valuation is far below Shein’s nearly $100 billion private market peak in 2022 and below the $66 billion valuation it received during a fundraising round in 2023. The lower valuation reflects slower revenue growth, weaker earnings and shrinking profit margins as the retailer faces higher trade costs, tighter regulations and growing competition in its largest markets. The Shein IPO launched on Hong Kong’s exchange on Monday, and the overall order book was fully covered by Tuesday, Reuters previously reported.