4bn) for its long-awaited stock market debut as investors push back on the fast fashion giant’s proposed price tag. The figure would represent another significant downgrade for Shein, which was valued at $98. 2bn during a funding round in 2022 and had been targeting a valuation of between $30bn and $40bn for the Hong Kong float as recently as last week. TheFTreported that investor interest had emerged below Shein’s internal $30bn floor, potentially requiring the retailer to consult existing shareholders should it decide to proceed at the lower valuation. Shein’s reduced expectations come as the online fashion giant battles weaker growth, tougher international trade rules and rising competition.