Xiyin has been revealed to have significantly decreased in valuation and is seeking an IPO with a valuation between $26 billion and $27 billion.

Fast fashion cross-border e-commerce platform Shein has been reported to have a declining valuation. On August 18, news emerged that Shein is seeking to conduct an initial public offering (IPO) in Hong Kong with a valuation between $26 billion and $27 billion. This target valuation represents a significant decrease from the company's historical peak. Shein plans to raise approximately $2 billion through this listing, with existing shareholders potentially subscribing to about half of the offering size. Last week, some media also cited informed sources indicating that Shein's IPO advisory firm is pitching the company to potential investors at a valuation below $30 billion. Reports suggest that if the company proceeds with an IPO at a valuation below $30 billion, it may need to renegotiate with existing investors before advancing the IPO. This valuation is significantly lower than the over $100 billion valuation Shein achieved after its private funding round in 2022 and reflects a roughly 70% decline in valuation over the past four years.