Online fashion retailer Shein has received approval from China’s securities regulator to proceed with plans for a potential initial public offering in Hong Kong.
According to a statement from the China Securities Regulatory Commission, Shein is seeking to sell up to 341.6 million H shares as part of the proposed listing.
The development marks another significant step in Shein’s long-running efforts to become a publicly traded company, following earlier attempts to pursue listings in both the US and London.
Shein was valued at as much as US$100 billion in 2022, according to documents filed when the company was considering a London IPO.
However, its potential valuation has since come under pressure, with reports suggesting the company could seek a market value of between US$40 billion and US$50 billion.
Some investors have reportedly pushed for a valuation as low as US$30 billion.
There is currently no confirmed timetable for the Hong Kong listing.
However, reports have suggested that Shein could target an IPO as early as September or October, although this remains subject to market conditions and further regulatory and transaction approvals.
