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PRESS: Shein files for IPO in Hong Kong as London debut plans linger

8th Jul 2025 09:39

(Alliance News) - Fast fashion seller Shein has filed confidentially to list in Hong Kong, after failing to launch an initial public offering in London, the FT reported on Tuesday.

This follows a Reuters report on Wednesday that the Singapore-based e-commerce platform was planning to switch its market debut to Hong Kong, after struggling to secure approval for a London listing.

According to the FT, Shein filed a draft prospectus last week in an effort to pressure the UK Financial Conduct Authority into supporting its entry to the London market.

By floating in Hong Kong, Shein may tempt the FCA to loosen its disclosure requirements, if it means reclaiming a major trading debut. Despite the controversy surrounding the fast fashion company, it would be a boost to London's dwindling IPO market.

London would still be Shein's first choice, the FT said, as sources highlighted London's more diverse investor base. However, they noted it was unlikely the UK and Chinese regulators would agree on a prospectus.

Shein filed for an IPO in London around 18 months ago. Back in April, Reuters said Shein had FCA backing, but had yet to receive the go-ahead from the China Securities Regulatory Commission.

This was due to a dispute between the Chinese and UK regulators over disclosure requirements, the FT said, specifically around Shein's supply chain in the Xinjiang region, where the Chinese government is accused of human rights violations against the native Uyghur group.

If Shein proceeds with the Hong Kong launch, the FCA could still pursue a dual or secondary listing in London.

Negotiations for the company's IPO have been ongoing for the last three years. Besides contending with political tension, Shein has faced profit decline concerns. Still, the FT cited sources "with knowledge of the company’s financials" who suggested tariff rises have been less harmful than expected, and that Shein has benefitted from the withdrawal of fellow e-commerce site Temu from the US market.

By Holly Munks, Alliance News reporter

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