Shein's meteoric growth has made it a lightning rod for critics of ultrafast fashion in Europe, where officials are trying to rein in its operations in the name of social and environmental responsibility.

After four years hitting heads with U.S. and U.K. regulators, Shein will get its IPO. But the valuation has come down a long, long way from the heady post-pandemic days.

Shein, the Chinese-founded retailer that harnessed social media to chart a meteoric rise in the global fast-fashion industry, will debut on the Hong Kong stock exchange next month…