Global Market: Shein slips to quarterly loss as US tariff changes weigh on sales ahead of Hong Kong IPO

Shein slipped to a quarterly loss as US tariff changes weighed on sales ahead of its planned Hong Kong IPO. The company reported annual revenue growth of 14.2% CAGR to $41.9 billion in 2025, but Q1 2026 revenue grew only 1.1% year-on-year to $9 billion, with US revenue declining 14% to $2 billion. Shein's valuation has fallen from $98.2 billion in 2022 to a targeted $40-50 billion range for its Hong Kong listing.