Shein is preparing for a Hong Kong stock market debut on August 28, according to a person with knowledge of the matter, after earlier listing attempts in New York and London, but investors are questioning whether the fast-fashion retailer merits its targeted $30 billion to $40 billion valuation. Reuters previously reported the IPO could launch as early as August 19, while a later report said the debut was planned for August 28 and the deal could launch as soon as the following Wednesday. Investor concerns focus on slowing sales growth, higher costs linked to customs rule changes in major markets, a recent $99 million quarterly loss, and doubts over whether Shein has meaningful new growth avenues beyond its core supply-chain-driven retail model. The company’s revenue growth slowed from 41.1% in 2023 to 20.7% in 2024, with Coresight expecting about 2% growth this year. Marketing spending rose to $1.43 billion in the first quarter from $1.09 billion a year earlier, while annual active customers increased to 273 million in 2025 from 230 million a year earlier but purchase frequency remained about four orders per year.