Shein to make market debut in Hong Kong in September
HONG KONG - Shein will debut on the Hong Kong stock exchange on Sept 1, the fast-fashion retailer said on Monday, in a long-awaited listing that would value the group at close to US$27 billion.
Shein, the Singapore-based fast-fashion retailer, has been pursuing an IPO in multiple locations, including New York, London, and Hong Kong. The company aims to raise up to $1.77 billion in the Hong Kong IPO, which will price on August 28 and debut on September 1. Their long journey towards an IPO began with plans for a U.S. listing two years ago, but it was later shelved due to volatile markets and tensions between the U.S. and China.
In 2023, Shein sought to raise about $2 billion in new funding for a potential New York listing, but faced opposition from 24 bipartisan U.S. lawmakers who demanded forced-labor verification. The Securities and Exchange Commission (SEC) was urged to halt Shein's IPO pending the verification of labor practices. Shein also explored a possible listing in the United Kingdom, with senior British lawmakers questioning the company's suitability and demanding scrutiny.
Despite the setbacks, Shein remained determined and made moves to register with U.S. regulators. They held informal investor meetings for the planned London IPO and were set to cut their valuation in a potential London listing to around $50 billion. However, Britain's financial regulator delayed approval, requiring Shein to ask for a waiver on rules concerning share sales.
Ultimately, Shein decided to shift its focus to Hong Kong, dropping its London-focused PR firms and officially filing for a Hong Kong IPO. The company is expected to make its Hong Kong market debut on September 1.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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