Shein pitches IPO to investors at sub-$30B valuation, a far cry from its $100B peak

Shein's IPO is being pitched at under $30 billion. Four years ago it was worth $100 billion.

Shein's advisers are pitching investors at sub-$30B for its Hong Kong IPO. That's a 70% drop from its 2022 peak. Net profit halved. Margins collapsed. Q1 was a loss.