Ma highlighted that market perception of the retailer's business model is undergoing significant re-evaluation.
"Investors will reprice Shein away from a pure hypergrowth tech platform toward a physical retail and logistics player navigating high-friction global trade," Ma said.
Investment analysts expect valuation adjustments to reflect the tighter regulatory environment compared to earlier private funding rounds.
"I argue that Shein will unlikely achieve a substantial uplift in valuation either at its Hong Kong IPO or in the secondary market compared to its last private fundraising round," said Shen Meng, director at Beijing-based boutique investment bank Chanson & Co.
Reflecting on market conditions during previous listing attempts, experts noted changing investor sentiments.
"It would have been so much more optimistic if they went with their London or New York IPO a couple of years ago.
The market by now has got a lot more difficult for them," said Juozas Kaziukenas.
Market observers note that while retail expansion continues, peak valuation figures from earlier financial cycles remain out of reach.
"But it is no longer the absolute star of fashion that it was some years ago.
As such, the valuation will fall well below where it was during the peak years of the early 2020s," said Neil Saunders, managing director at research firm GlobalData Retail.
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The China Securities Regulatory Commission granted approval on July 10 for Shein's Hong Kong share listing, with trading expected to commence in the coming months.
