Fast-fashion retailer Shein’s 3-year IPO odyssey cost it the ‘golden time’ to go public

Sunglasses are displayed at the reception of the fast-fashion brand Shein's office in Sao Paulo, Brazil, Dec. 15, 2025. Jorge Silva | ReutersShein won Beijing's approval for a Hong Kong listing after it publicly embraced the Chinese roots it spent years playing down. Now investors are questioning whether that blessing can carry a $40-billion-plus valuation for a company whose growth engine has stalled.The China Securities Regulatory Commission approved the listing early this month, after Shein's attempts at going public in New York and London failed. The company's filing on Sunday gave investors a closer look at the pressure facing the online fast-fashion retailer — higher costs, slowing growth, and mounting regulatory scrutiny in its biggest markets.Shein's revenue grew 8% to $41.8 billion in 2025, decelerating from 20.7% growth a year earlier. In the first quarter of 2026, the company swung to a $99 million loss after the U.S. removed an import-duty exemption on small packages and the company booked a hefty one-time accounting charge."The company has missed the golden time to list," said William Ma, chief investment officer at GROW Investment Group. Investors and consumers were n...