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SINGAPORE/HONG KONG — Investors are expected to scrutinize whether Shein can justify the $40-billion to $50-billion valuation it is seeking in a Hong Kong initial public offering (IPO) after a prospectus filed on Sunday showed slowing growth and a sharp decline in profitability. Revenue rose 8 percent to $41.8 billion in 2025, but net income fell 39 percent to $2.06 billion. In the first quarter of this year, the fast fashion retailer swung to a $99-million loss, the filing showed. While the quarterly loss partly reflected a $328-million fair-value charge on convertible redeemable preferred shares following an accounting change, slowing…
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