Fast-fashion giant Shein sets cut-price $27bn valuation for Hong Kong IPO

China-based retailer swung to $99m loss in first quarter and faces scrutiny over its environmental footprint

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Shein, which built a fast-fashion empire on what seemed like impossibly low prices, has been forced to lower its own valuation in a cut-price stock market float, after falling into the red earlier this year.

The online retailer will list on the Hong Kong stock exchange on 1 September at a valuation of close to $27bn (£19.8bn), significantly down from a near-$100bn private market peak four years ago.