Shein raised $1.7B in its Hong Kong IPO, giving it a $26B market cap, far below its ~$100B valuation in 2022, as growth slows amid tariffs and competition (Charlotte Yang/Bloomberg)

Shein’s Hong Kong initial public offering raised $1.7 billion, valuing the fast-fashion retailer at $26 billion—far below its roughly $100 billion peak valuation in 2022. The lower market cap reflects slowing growth as the company confronts heightened tariffs and intensified competition in its core markets.