According to people familiar with the matter, investors looking to sell stakes in Shein are evaluating bids at discounts of about 30% to its $100 billion valuation in April.

The people asked not to be identified because the matter is private said that the valuation spread between buyers and sellers remains a hurdle to any trade.

The people said that Shein's environmental, social and governance record could have an impact on the IPO timeline and valuation. The recent market turmoil in technology companies has influenced some investors to consider selling at least part of their stake.

There was no response from a representative for Shein.

Shein, whose rapid growth helped it quickly become the third-most valuable startup in the world, has seen its sales grow at a slower rate in the next two years, according to people familiar with the business. The company's sales increased from $10 billion in 2020 to $16 billion in 2021. Pressure is mounting on the firm to live up to its valuation. Tiger Global Management is a current investor.

According to people familiar with the matter, Shein told existing investors that it would like to have an IPO in the US as soon as possible.

There have been allegations of worker exploitation and environmental damage caused by the company. The company's business model allows it to be more sustainable, according to a company spokesman.

Shein's valuation drop would follow a trend of worsening investor sentiment on technology assets around the world as well as a Chinese government crackdown on the sector's domestic players. After investors sold out of the social media giant with its IPO now on ice, the company's valuation has fallen to well below $300 billion.

The assistance was given by Lulu Yilun Chen and the other person.