Shein, the Singapore-headquartered fast-fashion retailer founded in China, is in talks with Boyu Capital and an asset management arm of UBS Group AG to join its Hong Kong IPO as cornerstone investors.

Tencent Holdings Ltd and General Atlantic are also considering commitments.

Shein is seeking about US$2 billion at a valuation of US$26 billion to US$27 billion.

The company plans to reserve at least US$400 million of shares for cornerstone investors.

It has also spoken with E Fund Management, Greenwoods Asset Management, and Tiger Global, and is targeting August 24 to open the order book and around September 1 to begin trading.

The deal follows unsuccessful listing attempts in New York and London.

Shein is nearing the end of a long process to go public after failing to proceed with IPOs in both cities.

Shein also faces scrutiny over alleged forced labor in its supply chain.

A flotation of that size would also test Hong Kong’s IPO recovery, as the exchange has sought major issuers to boost its capital markets.

🔗 Source: Bloomberg

Recent Shein developments