Business

Shein Lost More Than $70 Billion in Value Before Its Hong Kong IPO — But the Biggest Winner May Be the One It Tried to Leave Behind

HONG KONG — After years of trying to convince investors that it had become a truly global fashion powerhouse, Shein is finally heading to the public market. But not in New York. Not in London. And nowhere near the valuation it once commanded. The China-founded, Singapore-headquartered fast-fashion giant priced its Hong Kong initial public offering at HK$48.56 per share, raising about US$1.7 billion and valuing the company at roughly US$26.5 billion ahead of its scheduled September 1 trading de

Hong Kong

Dollar Nears Two-Week High as Fed Rate-Hike Bets Surge — But the Yen’s Slide Past 160 Could Trigger a Bigger Move

HONG KONG — The U.S. dollar is back on the offensive after Federal Reserve Chair Kevin Warsh delivered a hawkish message that forced financial markets to rethink the possibility of another interest-rate hike — and the consequences are already being felt across global currencies. The dollar held close to a two-week high on Monday, August 31, after investors sharply increased bets that the Federal Reserve could raise rates as early as September. But the bigger warning sign may be unfolding in Ja