Shein was the ultimate disruptor in fashion. By turning online trends into $11 jeans or $3 crop tops in a matter of days, the ultrafast fashion retailer overtook established companies such as Zara and H&M, prompting it to eye an IPO that would value the company at nearly $100 billion.

Shein is set to debut in Hong Kong, marking a shift toward embracing its Chinese roots after failed US and UK listing efforts. Regulatory approval, strong manufacturing and…

Shein abandons New York and London IPO plans for a Hong Kong listing at roughly $27 billion, down sharply from its $100 billion peak valuation in