Following abandoned IPO attempts in NYC and London, Shein is struggling to grow as it nears a Hong Kong listing at a fraction of its peak valuation of $100B (Sui-Lee Wee/New York Times)

Shein’s failed IPO attempts in New York and London have stalled its growth, leaving the fast-fashion retailer targeting a Hong Kong listing at a valuation far below its $100 billion peak. The company’s market share and revenue momentum have slowed, and its planned listing price reflects a significant contraction from earlier valuations.