00:00Fast-fashioned giant Xi'an is set to make its Hong Kong stock market debut next month,
00:05but at a valuation far below its peak.
00:08The company could be valued at almost US$27 billion,
00:12down from about US$100 billion in 2022.
00:16The long-awaited listing comes after failed attempts to go public in the US and London
00:22amid regulatory scrutiny of the company, which was founded in China.
00:28Headquartered in Singapore, Xi'an has risen to become one of the world's biggest fast-fashion retailers
00:34since it was founded in 2008, with customers in more than 150 countries.
00:40The e-commerce giant is known for its ultra-cheap clothes, made through a vast network of factories in China.
00:47Xi'an plans to offer almost 280 million shares at between HK$47.60 and HK$49.50 each.
00:54At the top end of that range, the share sale would raise about US$1.8 billion and value the
01:00company at US$26.8 billion.
01:03That is much lower than the US$100 billion Xi'an was worth in 2022, reflecting slower sales growth and
01:10higher costs.
