Shein’s advisers are pitching the company to potential investors at a valuation below $30bn, a roughly 70 per cent drop from its peak. The fast-fashion retailer is battling to win investor interest in its long-awaited initial public offering after Chinese regulators recently approved its application to list in Hong Kong.

This sub-$30bn valuation compares with a valuation of more than $100bn that Shein hit after a private fundraising in 2022. The company’s previous attempts to list in New York and London were derailed by political opposition and scrutiny of its Chinese supply chain.

Shein's popularity exploded during the pandemic, but its valuation has been hit by US tariffs and the removal of tax exemptions. Meanwhile, competition from rival Temu has intensified and the cost of air freight has risen. The company reported a quarterly net loss of $99mn for the first quarter, flagging risks from US and EU trade tensions.