Informed sources: Shein's IPO presents a valuation of less than $30 billion to investors.

Two people familiar with the matter revealed that the valuation given by the underwriters for Xiyin to potential investors is less than $30 billion, representing a decrease of about 70% from its peak valuation. Additionally, two individuals familiar with the company's plans stated that Xiyin has set an internal target valuation of $30 billion. One of them mentioned that if the final IPO valuation is below this standard, the company may need to negotiate with existing shareholders before proceeding with the listing. Another informed source indicated that some investors have expressed a willingness to subscribe for shares within a valuation range of $25 billion to $29 billion. Xiyin did not respond to requests for comment; the two lead underwriters for this IPO, Goldman Sachs and Morgan Stanley, both declined to comment, while the third lead underwriter, JPMorgan, did not respond to inquiries.