Shein is said to move ahead with preparations for Hong Kong IPO
It may seek to launch the offering as soon as in the coming months, if regulatory approval is secured
Published Fri, Jul 10, 2026 · 05:47 PM
[HONG KONG] Shein is moving ahead with preparatory work for a possible Hong Kong initial public offering, people familiar with the matter said, potentially capping a years-long effort by the fast-fashion retailer to go public.
Shein and its advisers may seek to launch the IPO as soon as in the coming months if the China Securities Regulatory Commission (CSRC) gives its approval, the people said, asking not to be identified discussing private information.
Recent discussions with the regulator have yielded more positive signals, some of the people said.
The company is considering raising a few billion US dollars in the IPO, the people said, adding that the final amount will depend on the valuation.
While work is underway, there is no firm timeline and the listing could still be delayed further, the people said.
Shein had been under pressure from shareholders to cut its valuation to about US$30 billion, having in the past been valued at more than three times that amount, people familiar with the matter said last year.
A representative for Shein declined to comment, while the CSRC did not respond to a request seeking comment.
Shein unsuccessfully tried to list in the US and London before switching to Hong Kong last year, all the while seeing its valuation plummet.
Hong Kong’s stock market has also fallen this year, by about 6 per cent, but its IPO market is fizzing, with almost US$35 billion raised in first-time share sales already.
Shein’s initial plan to go public in the US was derailed two years ago amid scrutiny of its supply chain and labour practices, and London was abandoned as Chinese regulators withheld their approval.
The retailer moved its headquarters to Singapore in 2021, but it remains subject to CSRC oversight because the regulator requires all firms with substantial links to China, even those that are not incorporated in the country, to clear its review prior to listing anywhere in the world.
Having spent years playing down its Chinese roots and marketing itself as a global company, Shein shifted tack after applying for the Hong Kong IPO in 2025.
Founder Xu Yangtian has pledged to pour more resources in the southern Chinese trade hub of Guangdong province, home to a sprawling network of manufacturers that churn out ultra-low-cost clothing.
Shein’s valuation has been dwindling from the US$100 billion it fetched four years ago.
The company has faced competition from PDD Holdings-owned Temu in key markets such as the US and Europe, while tariff-induced price increases have also dented consumer demand and regulators have scrutinised its operations.
Shein’s backers include IDG Capital, Mubadala Investment, Tiger Global Management and HSG. BLOOMBERG
