After three attempts in as many financial centres and more than a year of waiting for the green light from Beijing, Shein is ready to disembark at Hong Kong Stock ExchangeThe global fast fashion giant has obtained authorization from the China Securities Regulatory Commission (CSRC), overcoming the last regulatory obstacle towards an IPO which, as reported by the Wall Street Journal, May debut as early as the third quarter or the beginning of the fourth quarter of 2026. The American newspaper adds that the company aims for a valuation above 40 billion of dollars. This figure is significantly lower than the $100 billion reached in 2022, at the height of the post-pandemic e-commerce boom, but still enough to make the deal one of the most significant listings of the year on Asian markets.
Shein's IPO comes amid a new wave of excitement for the global stock market, after years of slowdown. Following the record-breaking debut of SpaceX, investors' attention is now focused on future IPOs of OpenAI e anthropic in the United States, while Hong Kong is betting on one of the most influential brands in global fast fashion.
Shein: Beijing's green light unblocks its IPO
Last Friday, the CSRC authorized Shein to issue up to 341,6 million shares as part of the initial public offering in Hong Kong.
This is not a simple bureaucratic step. Second Reuters, the authorization came after about a year of checks and would have also required the consent of the top management of the Communist Party of China. Having obtained the green light, the company will now have 12 months to complete the listing, with a debut expected between September and October.
The listing will inevitably bring the spotlight on Sky Xu, founder and CEO of Shein. Born in 1984 in the Chinese province of Shandong, Xu founded the company in 2012 under the name Sheinside, which was later transformed into Shein in 2015. Unlike many tech entrepreneurs, he has always maintained an extremely private profile: he does not give interviews, does not participate in public events, and is not present on social media. The group is primarily represented by the executive chairman. Donald Tang, a former banker called upon to manage relationships with investors and institutions during the long journey towards listing.
An IPO chased between New York, London and Hong Kong
Shein's is one of the most complex listings in recent years.
The first project dates back to November 2023, when the group had chosen Wall StreetThe operation was, however, thwarted by US authorities, who intensified controls on the company's supply chain and on working conditions at some Chinese suppliers.
Having archived the American option, Shein focused on LondonThe British Financial Conduct Authority had given its preliminary approval, but this time it was Beijing that blocked the project, denying the authorization required by China's new rules on overseas listings.
Il third attempt It came with Hong Kong, where the company confidentially filed for listing in June 2025. Today, that journey has finally come to an end.
Why China Retains Control of Shein
Despite having moved its headquarters to Singapore in 2022, Shein continues to have strong industrial roots in China.
The rules introduced by the CSRC in 2023 require all companies with significant operations in the country to obtain authorization from Beijing before listing abroad. In Shein's case, production remains outsourced to thousands of suppliers, mostly concentrated in Guangdong province.
La long wait It also reflects the numerous controversies that have affected the group in recent years, from accusations about working conditions in the production chain to controversies over some products marketed in Europe, elements that have made the dossier particularly sensitive from a political point of view.
Valuation drops, but Shein remains a fast fashion giant
The IPO comes at a very different time than the post-pandemic e-commerce boom. In 2022, Shein was valued at $100 billion, while the 2023 financing round pegged the value at $66 billion. Today, the company is aiming for a capitalization between 40 and 50 billion of dollars, also due to the increasing competition from Temu, a platform of the Pdd Holdings group, and an increasingly complex geopolitical context.
Secondo Reuters, the placement could involve up to 8% of the capital. Despite the downsizing, Shein it would still be worth about double that of H&M and closed the last financial year with a net profit of around 2 billion dollars, confirming a profitability that continues to attract the interest of investors.
With Beijing's green light, Shein is now moving toward the most important chapter in its financial history. If the Hong Kong debut is on schedule, the group will end a long obstacle course that saw it unsuccessfully attempt the New York and London routes before finding its footing. support from the Chinese authorities.
