Shein's $27B IPO: 70% Markdown Reshapes Late-Stage VC Exits
Shein's Hong Kong IPO values the company at up to $27 billion, roughly 30% of its $98.2 billion 2022 valuation, a stark down-round for late-stage investors. Founders retain 90% voting control while some earlier private investors receive up to $3.5 billion, making this a key case study for VC exits.