Shein Moves Further from London IPO as Confidential Filing Emerges in Hong Kong

Shein is making progress on the Hong Kong stock exchange, but is keeping an eye on London in the rear-view mirror. The Asian ecommerce giant has formally applied for a listing on the Hong Kong Stock Exchange with the filing of a confidential initial public offering (IPO). In addition to advancing its goal of becoming a listed company, the company is also seeking to put pressure on the regulatory authorities of the London Stock Exchange, according to the Financial Times.

Although the London Stock Exchange remains Shein’s preferred option for becoming a listed company, the Chinese company is facing a number of problems in gaining approval from the regulatory authorities in both countries. The main clash stems from risk disclosure obligations, whereby Shein must disclose the risks that investors could face in relation to the company’s business.

In the case of the report submitted by the Asian giant, the British regulatory authority initially approved a version earlier this year. This, however, was not accepted by the China Securities Regulatory Commission (Csrc), especially because of the description of risks related to exposure to Shein’s supply chain, which is located in China, and has already been the subject of some criticism and complaints.

Shein has been struggling for almost three years to become a listed company

According to the same media, the Csrc has become stricter when it comes to approving reports that describe the risks associated with operating in the country. Now, therefore, both the British and Asian regulatory bodies must agree on one of the risk descriptions, and Shein is seeking to put pressure on the British Financial Conduct Authority (FCA) through the opi on the Hong Kong stock exchange.

UK fundraising through opis has fallen this year to its lowest level in 30 years, with a total of five flotations in the first half of 2025 involving an injection of £160 million ($217 million). If Shein’s IPO is confirmed, leading market estimates put the company’s valuation at $50 billion.

Now, even if Shein’s opi is accepted in Hong Kong, the FCA would still have the opportunity to approve Shein’s European listing. While waiting for this to happen, the British company continues to accumulate problems in its process of becoming a listed company, a goal it undertook almost three years ago, with an initial attempt to jump to the New York Stock Exchange.