Shein Global Holdings Ltd. is in talks with Boyu Capital and UBS Group AG to secure them as cornerstone investors for its Hong Kong initial public offering, according to sources familiar with the matter. The move signals growing momentum behind the fast-fashion giant’s highly anticipated public debut in Asia’s key financial hub.

The inclusion of established financial institutions like UBS and Boyu underscores efforts to bolster investor confidence ahead of what could be one of the largest IPOs in recent years. Cornerstone investors typically commit substantial capital ahead of an offering, helping anchor demand and stabilize share performance post-listing.

Shein has been expanding its global footprint while navigating regulatory scrutiny and supply chain challenges. A successful Hong Kong listing would mark a significant milestone for the company, which has seen rapid valuation growth since its founding. The IPO could value Shein at over $60 billion, making it one of the most closely watched offerings in 2025.

Neither Shein nor the potential investors have commented publicly on the ongoing discussions.