Shein to reportedly confidentially file for Hong Kong IPO

Fast fashion giant Shein is believed to be planning to confidentially file a draft prospectus for a Hong Kong IPO. This is according to three sources for Reuters, one of which said the filing could be submitted as soon as this week.

Two sources said that, if approved, Shein’s intention to file confidentially would be a waiver of one of the main listing rules in Hong Kong, and could represent the largest in the city this year.

Documents related to Shein’s IPO would remain undisclosed until the company moves into a hearing with the exchange. It would then have to secure approval from the China Securities Regulatory Commission (CSRC), a feat it wasn’t able to achieve when pursuing an IPO in London.

Shein had been targeting a listing in the UK since early 2024 after previously looking to New York for its IPO. In the US, it already faced opposition from politicians who had argued to block the filing, calling for better disclosure of Shein’s Chinese operations.

The company then turned to London as an alternative route, yet was also confronted by similar challenges from local market authorities, NGOs and fashion industry leaders.

By April 2025, however, it was reported that the retailer had received approval from the UK’s Financial Conduct Authority (FCA) for the London IPO, and thus notified the China Securities Regulatory Commission (CSRC).

While Shein had anticipated backing from the CSRC, a source for Reuters said the company experienced an unforeseen delay and limited communication from the organisation.