Shein Global Holdings Ltd. plans to start taking investor orders for its long‑awaited Hong Kong initial public offering as soon as Aug. 20 and debut in the city around Aug. 28, according to people familiar with the matter. Shein had been targeting a valuation of about $30 billion—a fraction of its peak—but has faced pushback from investors and may lower it further. Existing shareholders may take up as much as about half of the deal, the people said.

The report, by Julia Fioretti and Dave Sebastian of Bloomberg Markets, notes that pricing discussions remain private and the final valuation is still uncertain. The potential Hong Kong listing marks a strategic shift for the fast‑fashion giant, which has faced market headwinds and seeks to refresh its capital structure.