The group is said to be aiming to raise US$2 billion to US$3 billion — about HK$15. Pre-deal investor meetings, or pre-roadshows, are already under way after the Stock Exchange of Hong Kong hearing process was completed, a step that typically clears the way for formal book-building once bankers finish testing demand. People familiar with the plans say a formal launch could come as early as mid-August, though the timetable and pricing remain fluid until investor feedback firms up. Parallel accounts of the same push put the working valuation range around US$30 billion to US$40 billion, still a sharp markdown from private-market peaks near US$100 billion in 2022 and roughly US$64 billion in later fundraising rounds. That reset reflects tougher trading conditions for ultra-cheap cross-border apparel: higher shipping and tariff costs, fiercer online rivals and tighter scrutiny in Western markets that once underpinned Shein’s growth.