Since then, Xu’s wealth has dropped by more than $15 billion. The decline is linked to higher tariffs on its products, growing regulatory and political scrutiny, and stronger competition in the online‑shopping market.

Shein listed on the Hong Kong stock exchange on Sept. 1. The IPO valued the company at just over a quarter of its 2022 peak.

Xu holds roughly 30 % of Shein’s shares. Using the IPO price, his personal fortune is now estimated at about $8 billion, according to the Bloomberg Billionaires Index.

Analysts say the company missed the optimal moment to go public. They note that investors are now more attracted to artificial‑intelligence firms than to e‑commerce businesses.

Sam Wyatt, an international equities portfolio manager at Melbourne‑based U Ethical Investors, told Bloomberg that "They definitely missed the window," adding that e‑commerce is now a less compelling investment story than artificial intelligence.

The shift in investor sentiment, together with the external pressures, shows how quickly a billionaire’s net worth can change when a company’s valuation falls.