Shein Seeks $30-40 Billion Valuation in Hong Kong IPO

Shein is targeting a valuation of $30 billion to $40 billion for a Hong Kong initial public offering this month, according to sources. The fast-fashion retailer's planned listing is the dominant story among several Hong Kong IPO developments. Other companies, including Alibaba-backed 3D-modeling startup Vast and MediaTek-backed African fintech PalmPay, are also said to be weighing Hong Kong listings. Hong Kong's June retail sales rose 4.6%, reportedly supported by growth in visitor numbers.