Shein founder and CEO Sky Xu’s fortune has plunged by more than $15 billion as the fast-fashion giant prepares to go public at a fraction of its former valuation.

Xu, who owns about 30 percent of Shein, is expected to be worth roughly $8 billion at the company’s Hong Kong listing price, down from more than $23 billion when Shein was near its peak, according to the Bloomberg Billionaires Index.

Shein is set to begin trading in Hong Kong on 1 September 2026 at a valuation of about $26.5 billion after pricing its shares at HK$48.56 each.

The IPO is expected to raise about $1.7 billion.

That is a steep fall from Shein’s roughly $100-billion valuation in 2022, when its pandemic-era e-commerce boom made it one of the world’s most valuable private companies.

Shein has since faced slower growth, tougher competition and regulatory pressure.

The end of a US tariff exemption for low-value imports has hurt its business model, while the European Union has also tightened rules covering small parcels. Rivals including Temu have intensified competition in low-cost online shopping.

Shein reported a $99-million net loss in the first quarter of 2026, compared with a $395-million profit a year earlier.

The company had previously sought listings in New York and London before ultimately turning to Hong Kong following years of regulatory and political hurdles.

Investor tastes have also shifted toward artificial intelligence companies, further dulling enthusiasm for e-commerce listings.