Shein is preparing to make its stockmarket debut in Hong Kong on August 28, according to a person with knowledge of the matter, after an extended listing effort that previously took the Singapore-based company to New York and London. The company, founded in China in 2012, is aiming to launch its initial public offering as soon as Wednesday next week, Reuters reported on Tuesday, citing people familiar with the plan. The offering comes as investors question Shein’s expected $30 billion to $40 billion valuation, a sharp drop from nearly $100 billion in 2022, amid slowing growth, rising costs and changing market conditions. Pressure has also increased after Shein swung to a $99 million quarterly loss following the U.S. removal of an import duty exemption on small packages and a $328 million fair-value charge (accounting remeasurement expense) on convertible redeemable preferred shares. Shein did not immediately respond to a Reuters request for comment, and Bloomberg first reported the planned timeline.