Global Markets: Fast-fashion giant Shein shrinks value to up to $27 billion in Hong Kong IPO

Shein is set to launch its Hong Kong IPO with an ambitious goal of raising up to $1.8 billion. However, the company's valuation has plummeted to about 70% below its highs in private markets. Investor appetite is being hampered by slower growth and increased competition. In the offering, cornerstone investors will secure $383 million in shares. Trading is scheduled to start on September 1, amidst rising challenges.