Shein’s IPO hit pause as its valuation plummeted from $74 billion to $19–20 billion, delayed to early September, after Trump closed a key tax loophole that let the fast-fashion giant dodge U.S. import duties — a move that triggered a $74 million loss in Q1 this year, reversing last year’s $300 million profit. Despite the setback, Shein is eyeing big investors like Boyu Capital, UBS, and Tencent, hinting at lingering market confidence amid shifting global trade winds.
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