7 billion in Hong Kong, giving it a market value of US$26 billion – a far cry fromthe US$100 billion it once commanded. Still, questions about its upside in the face of slowing growth and tariff headwinds threaten to weigh on the stock as it prepares to debut on Tuesday. Shein’s long-awaited IPO valued the company at more than 15 times forward earnings, calculations based on Bloomberg Intelligence’s estimates showed. Shein’s growth has slowed markedly over the past year due to tariffs, while intensifying competition from Temu in key markets including the US and Europe also affected business. Founded in China and now based in Singapore, the company has built a global fast-fashion giant by using a data-driven supply chain capable ofrapidly producing and shipping low-cost apparel directly to consumers.