SHEIN

The fashion giant's valuation drop from its peak reflects tighter liquidity conditions and heightened regulatory scrutiny for high-profile listings. This aligns with a broader trend of declining valuations in tech and consumer sectors, as investors become more selective. For crypto, this reinforces the current risk-off-to-risk-on rotation, where capital flows into assets with clear cash flows or utility rather than speculative growth stories.

Shein

Shein seeks a $27 billion valuation for its Hong Kong IPO, which is just over a quarter of its peak valuation after previous listing attempts in New York and London were derailed by opposition.