• Investors in Shein are exploring private market share sales, valuing the online fashion giant between $45 billion and $55 billion, showcasing a diminished interest in the company. This marks a significant decline from the $66 billion valuation Shein achieved in a May fundraising round. Despite efforts to offload shares at these reduced levels, finding buyers has proven challenging, potentially indicating further depreciation, insiders reveal, emphasizing the widening gap between market sentiment and Shein's IPO target of $80 billion to $90 billion.

• The subdued interest highlights Shein's struggles against competitors like Temu, a direct rival launched by Chinese e-commerce giant PDD Holdings Inc. a year ago. Additionally, Shein faces copyright infringement allegations from major clothing brands. This development comes as Shein's valuation, once around $50 billion to $60 billion in the second quarter of last year, contrasts sharply with its IPO aspirations. Liquidity challenges further compound the situation, with one notable transaction in late 2023 involving Shein changing hands at a $30 billion valuation under unique circumstances.