Shein will publicly list in Hong Kong after finally receiving Beijing’s approval, deepening its Chinese roots following global setbacks.
The fast-fashion juggernaut is targeting a $40 billion IPO as soon as August, after years of attempting to distance itself from China, where it manufactures most of its goods. The company moved to Singapore in 2021 before seeking to list in New York and then London, plans it abandoned amid scrutiny of its supply chains and labor practices.
Its valuation has plunged following the pandemic-era e-commerce boom and after Washington and others closed loopholes on low-value parcels. Reuters also reported that its Chinese-American executive chairman, viewed as a Western proxy for its reclusive founder, would depart.