Cross-border e-commerce Shein responds to falling valuations: no response to market speculation, no more information to be revealed

On the morning of January 20, Beijing time, it was reported that Shein, a cross-border e-commerce platform, was in talks with existing investors for up to $3 billion (20.2 billion yuan) in financing, but the valuation was $64 billion, down about 1/3 from the previous peak valuation of $100 billion. The report said Shein did not respond to market speculation. Sina Technology asked Shein for confirmation, and Shein said there was no more information to disclose.

Although the round of financing is expected to be completed in the next few months, Shein still plans to launch an IPO in the US as early as this year, according to people familiar with the matter.

In April 2022, Shein completed a new round of financing valued at $100 billion, making it the world's third-largest unicorn, just behind byte jump and Elon Musk's space exploration technology company (SpaceX).

However, Shein also failed to escape from the downturn and began to seek transformation, not just the DTC model. There have been reports that Shein plans to launch a third-party e-commerce platform, while the latest report says Shein intends to spend some of last year's revenue on payments.

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Shein is said to plan to raise up to $3 billion: its valuation has shrunk by 35%, and it still plans to IPO as early as this year