Shein, the ultra-fast-fashion retailer that once commanded a nearly $100 billion valuation, is heading into its Hong Kong IPO at a fraction of that price. The company is reportedly targeting $2 billion to $3 billion in proceeds from the offering, which could launch as early as mid-August 2026. That timeline became possible after Shein received approval from the China Securities Regulatory Commission on July 10, 2026, clearing a major bureaucratic hurdle that had stalled its public market ambitions for years. By 2023 and 2024, that number had already slipped to the $64 billion to $66 billion range in subsequent rounds. AdvertisementNow Bloomberg Intelligence suggests public market investors will value the company at roughly one-quarter of its peak.