Shein, the fast-fashion empire that once dressed a generation on a budget, arrives at Hong Kong's public markets not in triumph but in reckoning — its valuation stripped of nearly three-quarters of its peak worth, a testament to how swiftly the tides of global trade, regulation, and competition can humble even the most disruptive of enterprises. The company's IPO, the largest new share sale in Hong Kong this year, raises as much as $1.77 billion U.S. dollars, yet the number that lingers is not what was raised but what was lost: from $98 billion to $27 billion in four years. In the space betwee