According to Sina Finance, two people familiar with the matter said SHEIN's underwriters pitched a company valuation of less than $30 billion to potential investors, about 70% below its peak valuation. Two other people familiar with the company's plans said SHEIN has set an internal target valuation of $30 billion.

One of them said that if the final IPO valuation falls below that level, the company may need to renegotiate with existing shareholders before it can continue with the listing. Another person familiar with the matter said some investors have already expressed willingness to subscribe at a valuation between $25 billion and $29 billion. SHEIN did not respond to a request for comment, while Goldman Sachs and Morgan Stanley, the two lead underwriters, declined to comment and JPMorgan, the third lead underwriter, did not respond to a media inquiry.