Shein, a Singapore-headquartered fast-fashion retailer founded in China, has won approval from the China Securities Regulatory Commission for a Hong Kong initial public offering, clearing the way for a listing after unsuccessful attempts in New York and London.

The CSRC approval is not the final step. Shein can start investor roadshows, but it still needs a hearing before the Hong Kong stock exchange’s listing committee before trading can begin.

A Hong Kong debut would come as the city’s IPO market raised HK$107 billion (US$13.6 billion) in the first half of 2025 across 42 main-board listings, already ahead of 2024’s full-year proceeds.

Shein was valued at US$66 billion in a 2023 funding round after peaking at US$100 billion in 2022, and it could now seek a US$40 billion to US$50 billion IPO valuation amid scrutiny over labor practices, low-value imports, and product safety.

🔗 Source: Reuters