Fast-fashion retailer Shein is expected to go public in Hong Kong as early as the third quarter this year, targeting a valuation of US$40 billion (HK$312 billion), the Wall Street Journal reported on Monday, citing people familiar with the matter.
Last Friday, Shein won the green light from Beijing, planning to issue no more than 341.6 million H shares in Hong Kong's IPO, according to a statement from the China Securities Regulatory Commission.
Beijing’s approval came nearly a year after Shein confidentially filed for listing on the Hong Kong Stock Exchange last summer - its third attempt to go public.
The retailer initially sought a listing in the United States, but the plan was thwarted in 2024 due to US scrutiny of its supply chain and labor practices in China.
Then the e-commerce giant turned to London for an IPO but failed to win China's nod.
In its latest fundraising round in 2023, the company was valued at about US$66 billion, while its current valuation is under pressure from intensifying competition with PDD’s Temu and persistent geopolitical headwinds.
