Shein will struggle to justify $40-50 billion Hong Kong IPO valuation

Revenue rose 8% to $41.8 billion in ‌2025, but net income ⁠fell 39% ⁠to $2.06 billion. In the first quarter of this year, the fast fashion retailer swung to a $99 million loss, the filing showed. While the quarterly loss partly reflected a $328 ​million fair-value charge on convertible redeemable preferred shares following an accounting change, slowing revenue growth and weaker core earnings underscore the company's mounting challenges.