Shein launches weakened Hong Kong IPO offer phase

HONG KONG – Chinese ultra-fast fashion giant Shein has launched the offer phase of its long-awaited Hong Kong initial public offering (IPO), aiming to raise up to HK$13.86 billion ($1.77 billion) at a valuation of almost $27 billion.

This is roughly 70% below its private market peak of nearly $100 billion four years ago.