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.

Bloomberg Intelligence values Shein at $22B to $25B ahead of its Hong Kong IPO, a sharp drop from its $98.2B peak valuation during a 2022 funding

Bloomberg Intelligence estimates Shein's valuation at US$22 billion to US$25 billion ahead of its highly anticipated IPO, with insights into its fast-fashion market position. Read…