Shein plans to introduce multiple cornerstone investors, though most positions will be taken up by existing shareholders, the sources told the South China Morning Post. Investment banks involved in the deal are also considering arranging their own funds to serve as cornerstone investors, they added. Shein initiallyaimed for a valuationof at least US$30 billion, but faced pushback from investors. Its maximum listing valuation will now not exceed US$30 billion – a sharp drop from the firm’s peak valuation of nearly US$100 billion in 2022, according to the sources, who asked not to be identified discussing private information. Discussions over the listing have yet to conclude, meaning details regarding the deal size, valuation and timing could still change.