While September 1 is the target date, the listing could happen a few days later, one of the sources said. Reuters reported last week that Shein had been aiming to list on August 28.
The delay, first reported by the South China Morning Post, comes as slower growth and rising costs have dampened investor appetite for Shein. The online fast-fashion retailer was seen just a few years ago as a disruptive challenger to established retailers such as H&M and Zara, thanks to its rapid supply chain and ultra-low prices.
Among cornerstone investors in the IPO is the asset management arm of UBS Group, which would be investing in Shein for the first time, according to a fourth source with direct knowledge of the matter. A spokesperson for the Swiss bank declined to comment.
Cornerstone investors agree to buy a set amount of shares before an IPO, and sign up to a lockup period of six months.
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Shein is targeting a valuation of $26 billion to $27 billion, the fourth source said, down sharply from the $100 billion valuation it achieved in a private fundraising in 2022.
The company had previously sought an IPO valuation of $30 billion to $40 billion when investor meetings ahead of the IPO first kicked off.
Shein did not respond to a request for comment.