The price tag of 250 billion Swedish krona is almost 75 percent lower than the company's previous highest valuation.
The decline follows two failed attempts to list the stock on other markets. Shein initially planned an IPO in the US on Wall Street, but shelved the plans after questions were raised about suppliers and how employees are treated.
The company then turned its attention to London, but those plans were also scrapped after Chinese authorities intervened. The company, which moved its headquarters to Singapore in 2021, has set a subscription price of between 57.5 and 59.8 Swedish krona per share ahead of the listing in Hong Kong.
In addition to scrutiny of working conditions and supply chains, the e-commerce giant has faced criticism for emissions and chemicals in children's clothing. As a move to manage its reputation the company recently acquired the clothing brand Everlane.