Shein aims to launch its Hong Kong initial public offering on Monday, according to a source familiar with the matter, and is targeting a listing on September 1, two other sources said, slightly later than previously planned.
While September 1 is the target date, the listing could happen a few days later, one of the sources said. Reuters reported last week that Shein had been aiming to list on August 28.
The delay, first reported by the South China Morning Post, comes as slower growth and rising costs have dampened investor appetite for Shein. The online fast-fashion retailer was seen just a few years ago as a disruptive challenger to established brands such as H&M and Zara, thanks to its rapid supply chain and ultra-low prices.
Shein is targeting a valuation of US$26 billion to US$27 billion, according to a fourth source with direct knowledge of the matter, down sharply from the US$100 billion valuation it achieved in a private fundraising in 2022.
The company had previously sought an IPO valuation of US$30 billion to US$40 billion when investor meetings ahead of the IPO first kicked off.
Shein did not respond to a request for comment.
(Reporting by Kane Wu and Helen Reid. Editing by Mrigank Dhaniwala and Mark Potter)
