SHEIN WINS CHINESE APPROVAL FOR HONG KONG IPO AFTER FAILED U.S. AND LONDON PLANS

Shein has received approval from China's securities regulator to proceed with a Hong Kong initial public offering, according to Reuters. The approval from the China Securities Regulatory Commission revives the fast-fashion retailer's long-delayed listing plan after earlier attempts to go public in New York and London failed to advance.

Reuters reported that Shein could aim for a Hong Kong IPO in September or October, citing a source familiar with the matter. The company may initially offer up to 8% of its shares, though the actual amount sold is expected to be lower, according to Reuters.

The listing could value Shein at about $40 billion to $50 billion, according to Reuters. That would be well below the company's pandemic-era valuation of $100 billion, when online shopping demand and investor enthusiasm for fast-growing e-commerce companies were much stronger.

Reuters reported that Shein plans to compensate some earlier investors for the lower valuation by providing funds they can use to purchase shares in the offering. The planned structure indicates that Shein is trying to move forward with a public listing while managing the gap between earlier private valuations and current public-market expectations.

The Hong Kong plan follows a difficult path through several regulatory systems. Reuters reported that Shein's New York listing attempt was blocked after political and regulatory opposition, while its London plan failed to secure Chinese regulatory approval. The Financial Times reported that the London effort was also complicated by disagreements over risk disclosures tied to Xinjiang, where allegations of forced labor have drawn international scrutiny.

Shein moved its headquarters to Singapore in 2022, but Reuters reported that the company remains under Chinese regulatory oversight because its supply chain remains deeply rooted in China. That supply-chain structure has kept Beijing central to the company's IPO prospects, even as Shein presents itself as a global retailer.

The company still faces scrutiny outside China. Reuters reported that Shein has drawn criticism over labor practices, data privacy, environmental impact and politically sensitive supply-chain issues. The Financial Times reported that changes in the United States, European Union and United Kingdom to low-value import rules could also affect Shein's competitive model, which has relied heavily on low-cost direct-to-consumer shipments.

Reuters reported separately that Shein founder and chief executive Sky Xu now faces the company's most public test as the Hong Kong listing approaches. Xu has kept a low public profile despite Shein's global scale, and Reuters reported that investors and policymakers may push for more transparency around leadership, governance and risk disclosures as part of the IPO process.

The listing could also give Hong Kong's IPO market a major boost. Reuters reported that Shein could raise several billion dollars if the offering proceeds, making it one of the city's most closely watched public listings of 2026. The immediate questions are when Shein files formal Hong Kong listing documents, what valuation investors accept and how the company addresses regulatory concerns around labor, supply chains, data and import rules.

Fact-check date: 10 July 2026
Article type: News
Sources: Reuters, Financial Times, China Securities Regulatory Commission, Bloomberg, South China Morning Post