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Story summary
- Shein aims to list on the Hong Kong Stock Exchange by August 19, 2026 with a $20 billion valuation.
- Five investors doubt Shein can sustain the fast-growth that generated a 41.1% revenue rise in 2023.
- Morgan Stanley, the IPO sponsor, values Shein at $39-$52 billion using 18-24× projected 2027 earnings.
- Shein reported a $99 million net loss for the quarter ended March 2025 after the U.S. ended its de-minimis exemption in May 2025, raising shipping costs.
