China’s securities regulator gave Shein the go-ahead to list in Hong Kong, ending a multi-year saga that saw the fast-fashion juggernaut bounced from New York to London and back again before finally landing on a viable path to public markets.
The China Securities Regulatory Commission approved the IPO on July 10, marking the conclusion of a review process that stretched over a year. Shein had confidentially filed a draft prospectus with the Hong Kong Exchanges and Clearing Limited back in July 2025. Now the company is expected to launch its offering in the coming months, targeting a valuation between $40 billion and $50 billion.
In 2022, Shein was valued at $100 billion. By 2023, a fundraising round pegged it at $66 billion. Now it’s aiming for roughly half its peak.
A listing odyssey that spanned three continents
Founded in 2012 by Sky Xu in Nanjing, the company grew into one of the world’s most downloaded shopping apps by selling ultra-cheap clothing directly to consumers worldwide. The company initially explored a US listing, which ran headfirst into regulatory scrutiny and political headwinds surrounding Chinese companies listing on American exchanges. London became the backup plan, but British regulators and lawmakers raised concerns about supply-chain labor practices, environmental impact, and allegations of unfair competition. Shein had secured approval from the UK’s Financial Conduct Authority for its prospectus but encountered further hurdles when the CSRC withheld clearance due to concerns over risk disclosures, particularly those related to operations in politically sensitive regions such as Xinjiang.
