Shein cuts valuation target ahead of Hong Kong stock market debut

Shein has set its Hong Kong IPO valuation well below its peak of $100 billion, as regulatory pressure on its tax arrangements and narrowing profit margins force a restructuring of the business model that made it one of the world's fastest-growing retailers.

The listing, long delayed, proceeds as several major markets have moved to close the de minimis import exemptions that allowed Shein to ship low-cost parcels directly to consumers without duties. The loss of that structural advantage is reflected in the revised price target.