Four years ago Shein was a $100bn private company, fueled by pandemic lockdowns and influencer "Shein hauls" on TikTok. Now the company is limping toward a $27bn Hong Kong IPO, roughly a quarter of its peak valuation, after failing to list in New York and London.

The FT's Will Langley and Arjun Neil Alim trace how Shein's four-year quest to go public went awry. The company angered Chinese regulators by downplaying its origins, faced crackdowns on de minimis package rules that kept goods cheap, and now competes with Temu, PDD's fast fashion offering. A draft prospectus revealed a $99mn net loss in Q1 2025, with annual net profit moderating to $2bn from a $3.4bn peak.

Shein's falling valuation pressures investors like General Atlantic, which invested at the $100bn stage. The company plans to use IPO proceeds for technology and brand building.

Separately, Aston Martin creditors including Arini Capital Management and Tresidor Investment Management are seeking discovery in New York court from HPS, Authentic Brands Group, Moelis, and Lazard over asset transfers that secured a £550mn loan, threatening litigation in English courts.