Shein IPO Preview

• Shein is actively preparing for an IPO on the Hong Kong Stock Exchange, tentatively scheduled for the second half of 2026.

• The company is targeting a listing valuation of US$40 billion to US$50 billion, representing a significant haircut from its historical peak valuations.

• I think the company is likely to face tough challenges in in reaching valuation at even lower end of its target valuation range.