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Market Chatter: Shein Seeking at Least $400 Million From Hong Kong IPO Cornerstone Investors

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Shein Global Holdings is in talks with Boyu Capital, UBS Group's asset management arm and other investors to secure at least $400 million in cornerstone commitments for its planned Hong Kong IPO, Bloomberg reported Thursday, citing people familiar with the matter.

Tencent Holdings and General Atlantic are also considering investments, while E Fund Management, Greenwoods Asset Management and Tiger Global are among other firms approached, the people told Bloomberg.

The company plans to open the IPO for orders on Aug. 24 and start trading around Sept. 1, Bloomberg noted.

Shein is reportedly targeting about $2 billion in IPO proceeds and could seek a valuation of $26 billion to $27 billion.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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