Editorial companion

What stands out

Shein's valuation collapse from about $100 billion at its 2022 peak to roughly $26.5 billion as it eyes a Hong Kong listing is the clearest market signal yet that fast growth is no substitute for clean governance and smooth regulatory access. Bloomberg's Lisa Du walks through how failed attempts to list in New York and London pushed the company to promise growth via acquisitions and brand partnerships while grappling with geopolitical friction, labor and reputational questions that investors must now price into any future upside.