A July 10 filing from a department of the China Securities Regulatory Commission indicates that Shein previously submitted a confidential listing application to the Hong Kong Stock Exchange and has met a prerequisite for a listing hearing, marking a step forward in its long-running IPO process.
Shein’s path to an IPO has not been smooth. As early as the beginning of 2020, the company was preparing for a US listing, but it later shelved the process for several reasons. Shein also explored a listing on the London Stock Exchange, though that plan did not materialize.
Over the past several years, Shein’s valuation reached as high as USD 100 billion. For its Hong Kong IPO, the market capitalization implied by the offer price could fall between USD 40 billion and USD 50 billion. Its investors include JAFCO Asia, IDG Capital, Greenwoods Asset Management, Grandway Capital, HSG, Shunwei Capital, Tiger Global Management, Boyu Capital, General Atlantic, Coatue, and Mubadala.
More notably, Shein’s approval for a Hong Kong listing could make it the first internet platform company to complete an IPO through a confidential filing.
On May 6, 2025, the Securities and Futures Commission and Hong Kong Exchanges and Clearing, or HKEX, issued a joint announcement formally launching the technology enterprise channel, or TECH, to further facilitate listing applications by specialist technology companies and biotech companies. The channel also allows eligible companies to submit listing applications confidentially.
