Shein’s advisers are pitching the fast-fashion giant to investorsat a valuation below $30 billion for its Hong Kong IPO,a roughly 70% drop from the $100 billion-plus valuation it hit in a 2022 private fundraising. If it IPOs lower, the company may have to consult existing investors before proceeding. One person familiar with the roadshow said investors had shown interest at a valuation “in the mid-to-high twenties. ” Chinese regulators approved the listing last month, ending a four-year journey that failed in both New York and London. In Q1 2026, Shein reported a $99 million net loss and flagged the risk of US and EU trade tensions in its Hong Kong exchange filing.