Shein to pay up to $3.5 billion to select pre-IPO investors around Hong Kong listing

HONG KONG, Aug 24 : Online fast-fashion retailer Shein will pay up to $3.5 billion to selected existing investors — almost twice the fresh capital it is seeking in an IPO — to help compensate them for a sharp slide in its valuation, its prospectus showed on Monday.The investors entitled to the payments in cash and extra shares include entities linked to Boyu Capital, Tiger Global, General Atlantic, Thrive Capital, Mubadala, Brookfield and others, the filings showed. They hold Shein's late-stage funding shares — Series pre-D, Series D and Series D plus preferred — which carry protections triggered by an IPO below the prices paid in earlier funding rounds.The broader group of preferred shareholders also includes Sanabil Private Equity, Coatue, D1 Capital, DST Asia, Reliance Retail, Coppel Ca