Following abandoned IPO attempts in NYC and London, Shein is struggling to grow as it nears a Hong Kong listing at a fraction of its peak valuation of $100B (Sui-Lee Wee/New York Times)

Shein is nearing a Hong Kong listing at a significantly lower valuation than its peak. The online fast-fashion retailer had previously attempted to list in New York and London but faced setbacks. According to Expansion ES, Shein is targeting a valuation of $26-27 billion, a substantial decrease from its 2022 peak valuation of $100 billion.

The company's initial public offering has been delayed several times, with the current target date for the listing being September 1, as reported by Straits Times Business and This Is Money. The phase of reservations of shares is expected to start on August 24, although the dates have not been officially confirmed by the company.

Shein is facing pressure in the United States and Europe, and is struggling to find new ways to grow, as reported by The New York Times and Techmeme. The company, founded in China but now based in Singapore, was once seen as a disruptive challenger to established retailers such as H&M and Zara, thanks to its rapid supply chain and ultra-low prices.

Brief written by urgent.news from Techmeme, The New York Times, Expansion ES, Straits Times Business, This Is Money — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.