Shein, the online fast-fashion retailer, reports a $99 million quarterly loss as it prepares for a planned initial public offering in Hong Kong. Across the coverage, Shein attributes the results to changes in U.S. import rules that affect low-value shipments. The company says the Trump administration’s removal of the “de minimis” duty-free policy has had an “adverse impact” on its sales in the United States. Under the prior de minimis framework, small-value goods could enter the U.S. with reduced customs duties and simplified processing. The removal of that policy increases costs and administrative burden for such shipments, which Shein says has weakened demand or disrupted its pricing and supply chain economics in the U.S. The articles report the loss figure and the company’s link to the policy change, while not providing additional financial detail beyond the quarterly loss and the stated impact on U.S. sales. The reports collectively frame the Hong Kong IPO timing alongside the company’s weaker near-term performance tied to the regulatory shift.