Aug 3 (Reuters) - Shein is considering lowering the cost of investment for some late-stage investors as the fast-fashion retailer pursues an IPO at a ‌lower valuation, according to filings with the Hong Kong Stock Exchange. The company ‌may offer payouts to early investors as well as more shares with lower conversion price for their ​holdings, the public filings showed. Meanwhile, if the company goes public at a price lower than what the investors paid, those investors are protected from losing money. Investors with preferred shares will automatically convert ‌into regular Class B shares upon listing, and ​their conversion price gets adjusted downwards so they ​get more shares to compensate. (Reporting by Anjali Singh in ​Bengaluru and Selena Li in Hong Kong and Yantoultra Ngui in Sigapore; ​Editing by Nivedita Bhattacharjee and Louise Heavens)