According to sources familiar with the matter, cross-border fast-fashion retailer Shein plans to be valued at approximately $25 billion in its Hong Kong IPO, representing just a quarter of its $100 billion valuation during a funding round four years ago. Market investment enthusiasm has cooled due to slowing growth, tightening regulations, and intensifying competition. By 2025, Shein reported total revenue of $41.8 billion, net profit of $2.06 billion, and 273 million active users. The company achieves efficient operations through its "small-batch, rapid-return" model but faces challenges such as tariff reassessments, high geographic concentration in its supply chain, and fierce competition.