Investors are questioning whether Beijing's blessing can carry a $40-billion-plus valuation for a clothing retailer whose growth engine is stalling.

From New York to London to Hong Kong, Shein has seen its IPO bounce continents and its value miss recent peaks. Now it awaits investor appetite in a likely Fall listing.

Investors are questioning whether Beijing's blessing can carry a $40-billion-plus valuation for a clothing retailer whose growth engine is stalling.