Browsing Tag
Sky Xu
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Shein finally got its IPO, but the valuation tells a very different story from the one private investors bought
Shein is set to enter Hong Kong’s public market at about $26.5 billion, far below its 2022 private-market peak. The discounted valuation may improve the entry point for new shareholders, but slower growth, weaker margins and up to $3.5 billion of payments linked to earlier preferred shares expose how expensive the company’s long-delayed IPO has become.