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00:02Shine plans to launch its Hong Kong initial public offering as soon as Wednesday next week
00:07after marketing the share offering to investors this week, according to Reuters.
00:11The Singapore-based fast fashion retailer is targeting a valuation of $30 billion to $40
00:17billion. The IPO comes as slowing revenue growth, weaker core earnings, and shrinking margins weigh
00:22on the company. Sheen posted a $99 million quarterly loss after the U.S. removed an import
00:29duty exemption on small packages. It also recorded a $328 million fair value charge on convertible
00:35redeemable preferred shares following an accounting change. The targeted valuation is down from
00:40$98.2 billion in 2022 and $64 billion in 2023 and April 2024.
00:47For all things money, visit Benzinga.com.
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