China has approved fast-fashion retailer Shein's long-awaited initial public offering (IPO) in Hong Kong, clearing the way for the company to pursue a stock market listing after previous attempts in the U.S. and London failed.
China's Securities Regulatory Commission (CSRC) said on Friday that Shein Global Holdings had been authorised to issue up to 341.6 million shares as part of its planned Hong Kong listing.
The company did not immediately comment on the approval.
The approval comes after more than a year of waiting for Beijing's consent, with sources saying the application required sign-off from senior Chinese leaders because of the political sensitivity surrounding the company.
Shein initially sought to list in New York in 2023 but faced mounting scrutiny from U.S. lawmakers and regulators over its supply chain, labour practices and business model.
It later turned to London, where Britain's financial regulator approved its draft prospectus, but the listing stalled after Chinese authorities withheld approval.
Although Shein relocated its headquarters to Singapore in 2022, it remains subject to Chinese overseas listing rules because most of its products are manufactured by suppliers based in China.
Once valued at $100 billion during the pandemic-era e-commerce boom, Shein has since seen its estimated valuation decline as regulatory scrutiny and geopolitical tensions intensified.
The company was valued at $66 billion during its last private fundraising round in 2023, according to sources familiar with the matter.
Shein could now seek a valuation of between $40 billion and $50 billion in its Hong Kong IPO.
While that would value Shein well below Temu parent PDD Holdings, it would still rank among the world's largest listed fashion retailers.
Shein's prolonged path to an IPO reflects the increasingly complex environment facing Chinese companies seeking international listings.
Beijing introduced new rules in 2023 giving the CSRC greater authority to review overseas listings on national security grounds, tightening oversight following the suspension of Ant Group's planned IPO in 2020.
A successful Shein listing would also provide a significant boost to Hong Kong's capital markets, which have seen a resurgence in IPO activity this year.
The retailer continues to face criticism in several markets over allegations relating to labour conditions in its supply chain, its environmental impact and the competitive effects of its low-cost business model.
The company has also come under pressure from U.S. and European efforts to tighten customs rules affecting low-value imports from China.
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Here's your AnewZ Daily Brief for 28 September 2026. These are the top stories making headlines in technology.
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