Online fast-fashion retailer Shein is set to raise up to HK$13.86 billion ($1.77 billion) through its Hong Kong IPO, with its valuation falling sharply from its private-market peak as investors take a more cautious view of its growth prospects.Shein launched its Hong Kong IPO on Monday, offering 280 million shares at HK$47.60 to HK$49.50 apiece. At the upper end, the company would be valued at nearly $27 billion.The valuation is around 70% below the nearly $100 billion level Shein reached in 2022. The company was valued at $64 billion in 2023 and again in April 2024.The China-founded, Singapore-headquartered company is…