Shein's IPO slashes Sky Xu's fortune by over $15 billion

Shein Global Holdings Ltd., the online fast-fashion platform founded by Sky Xu in 2012, is set to go public in Hong Kong at a valuation that represents only a fraction of the $100 billion peak it reached two years ago. Based on his 30% ownership, Xu’s personal wealth has fallen from over $23 billion to about $8 billion. The steep reduction reflects both the company’s slowed revenue growth and a broader investor pivot toward AI-driven businesses, which have captured market enthusiasm.

Recent Hong Kong IPOs, such as Eastroc Beverage Group Co. and Muyuan Foods Co., have struggled to maintain their listing prices, while the bubble-tea chain Mixue Group saw its founders’ fortunes shrink after going public. Industry observers note that tariff changes in the United States and the European Union have eroded Shein’s cost advantage, and the brand’s earlier attempts to list in New York and London were hampered by labor-practice concerns.