Shein CEO’s wealth falls over US$15bil after whittled-down IPO
Founder Sky Xu sees his fortune shrink as the fast-fashion retailer suffers from poor timing, with investors favouring AI over e-commerce.
Chinese fast-fashion company Shein Global Holdings, once valued at over US$23 billion, is now worth about US$8 billion following its Hong Kong listing. The decline in the reclusive CEO Sky Xu's wealth of more than US$15 billion is attributed to tariffs, political scrutiny, and growing competition in the industry. Shein's stock price is set to open at just over a quarter of its 2022 value as the company battles these challenges.
The timing of Shein's IPO was poor, as other AI companies stole the spotlight and attracted investor interest. While some AI companies have seen significant gains, the overall performance of Hong Kong IPOs has been mixed, with many shares trading below their listing prices.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Shein CEO’s wealth slumps $15 billion after whittled-down IPO fortune.com
- Shein CEO Sky Xu’s wealth slumps US$15 billion after whittled-down IPO businesstimes.com.sg
- Shein CEO’s wealth falls over US$15bil after whittled-down IPO freemalaysiatoday.com
- Shein CEO Sky Xu’s wealth slumps US$15 billion after whittled-down IPO straitstimes.com
