Shein Moves Closer to Hong Kong IPO After China Approval
Synopsis
The fast-fashion company has overcome a major regulatory hurdle, paving the way for one of the year's most closely watched listings.
China's securities watchdog has approved a plan for Shein Hong Kong to conduct an up to HK$2.7 billion (US$341.6 million) public offering, taking the fast fashion retailer a step closer to its listing debut.
The nod from the China Securities Regulatory Commission marks a key milestone after the online retailer faced aborted listings plans in the United States and London.
The company now still needs to win final approval from the Hong Kong Stock Exchange to proceed.
Listing Plans Shifted Across Three Markets
The planned listing is expected later this year subject to market conditions and regulatory approvals. Details regarding the final terms and price of the share sale haven’t been revealed. List on (Shifting across three markets) Listing plans originally intended to be in the US were later switched to London, but did not receive the green light from Beijing.
Subsequently, Shein turned to Hong Kong and quietly submitted the listing application through the exchange's official listing system.
In 2022, Shein relocated its headquarters to Singapore, but it continues to operate under Chinese overseas listing rules, as many of its suppliers and manufacturing facilities are located in China.
The business was established by Xu Yangtian, known as Chris Xu, and relies heavily on manufacturing in China for products that are sold to customers in over 150 countries and territories worldwide, including the United States, Australia, Europe and the Middle East.
Valuation Reflects Changing Market Conditions
The IPO valuation is projected at about US$30 billion, well below the US$100 billion the company commands in private markets, reflecting a recalibration in market appetite and evolving global equity markets since 2022.
The company's previously reported financial results indicate it earned around US$38 billion in 2025, ranking it as one of the world's biggest online fashion retailers.
The timing coincides with the growing activity in Hong Kong capital markets, where 87 IPOs raising HK$210 billion of funds in the first half of the year propelled the city to rank number one globally, based on PwC’s Hong Kong IPO Market Mid-Year Review 2026.
The timing is also coinciding with more positive activity in the capital markets in Hong Kong. The city led the world in terms of fundraising with 87 IPOs, raising approximately HK$210 billion in the first half of this year, according to PwC's Hong Kong IPO Market Mid-Year Review 2026. The recovery has been attributed to the renewed mainland Chinese company listing activity.
Shein has been under regulatory review in multiple countries and regions, such as the United States, the United Kingdom and the European Union, for its supply-chain oversight and product safety and consumer protection policies throughout its listing journey.
The company has not disclosed the final price, timing of listing, final number of shares to be offered beyond the approved limits.
Source: Reuters
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
