Shein’s Hong Kong IPO priced at HK$48.56 per share on August 31, 2026, implying a roughly $26.5 billion closing market capitalization on its September 1 debut, well below the $100 billion private peak from 2022. Revenue growth slowed to 8% in 2025 to $41.8 billion while net income fell 39% amid higher fulfillment costs; the company posted a $99 million Q1 2026 loss after the U.S. ended the de minimis duty exemption and imposed higher tariffs. These developments, plus regulatory scrutiny and competition, drove the sharp valuation reset and tempered first-day trading, with shares briefly dropping nearly 10% before closing nearly flat. Market-implied odds on Polymarket thresholds reflect this compressed base and ongoing margin pressure ahead of any further earnings updates.