Shein is targeting a valuation of between $30 billion and $40 billion, a fraction of the nearly $100 billion valuation the company commanded at the height of the fast-fashion boom. The company was valued at $98.2 billion in 2022, making it one of the world's most valuable private startups at the time. The Hong Kong listing follows unsuccessful attempts by Shein to go public in both New York and London. At a valuation of $30 billion to $40 billion, Shein would be valued at roughly 0.7 to one times its 2025 sales, compared with about 1.1 times sales for H&M, according to Reuters calculations. By comparison, Zara owner Inditex was valued at about 4.6 times sales, while Uniqlo parent Fast Retailing traded at roughly 7.6 times sales.