Shein plans to introduce multiple cornerstone investors, although most positions will be taken up by existing shareholders, the report said, citing sources familiar with the matter. Reuters reported on Monday that Shein is aiming to launch its much-awaited Hong Kong IPO later this week at a valuation just a quarter of the nearly US$100 billion number seen in a share sale four years ago. The firm’s valuation was likely to be around US$25 billion in the IPO, Reuters reported, a drop from the US$30 billion to US$40 billion range speculated at the beginning of this month, just after it began investor meetings on the issue. Founded in China in 2012, Shein is best known for selling US$5 dresses and US$10 jeans to shoppers in about 160 countries. The South China Morning Post report said that the company now intends to start book-building from August 24.