Shein IPO Raises $1.7B at $26B Valuation

Shein went public in Hong Kong, raising $1.7 billion at a $26 billion valuation, roughly a quarter of its $100 billion 2022 peak. CEO Sky Xu's 30% stake is now worth about $8 billion, down over $15 billion. The company reported a $99 million quarterly net loss in July.