Once a symbol of frictionless global commerce and hyper-growth ambition, Shein now arrives at Hong Kong's public markets humbled — seeking a $27 billion valuation that represents nearly three-quarters less than its 2022 peak. The fast-fashion giant, which dressed hundreds of millions of customers across 160 countries in inexpensive garments, has encountered the full weight of geopolitical trade policy, regulatory scrutiny, and the sober arithmetic of public investors who no longer price dreams. Its Hong Kong IPO, the city's largest this year, is less a triumph than a reckoning — a moment when