Shein’s pursuit of an IPO: From New York to London to Hong Kong

Aug 24 (Reuters) – Online fast-fashion retailer Shein launched its long-awaited Hong Kong IPO on Monday, aiming to raise up to HK$13.86 billion ($1.77 billion) at a valuation of close to $27 billion.

It will price the offering on August 28 and debut on September 1, according to the offering prospectus.

Here’s a timeline of the Singapore-headquartered company’s prolonged attempts to list:

JANUARY 2022

Shein revives New York listing plans. Founder Chris Xu considers changing his citizenship to bypass tougher rules for offshore IPOs in China, Reuters reports.

It had first explored a U.S. IPO two years earlier but shelved it amid volatile markets and U.S.-China tensions.

FEBRUARY 2022

Shein pauses U.S. listing plans due to volatile capital markets amid Russia’s invasion of Ukraine, sources say.

MARCH 2023 

Shein seeks to raise about $2 billion in new funding, eyeing a U.S. listing in the second half of 2023.

MAY 2023

Two dozen bipartisan U.S. lawmakers urge the Securities and Exchange Commission to halt Shein’s IPO pending forced-labour verification, Reuters reports.

JUNE/JULY 2023 

Shein makes moves to register with U.S. regulators and talks to NYSE, Nasdaq and at least three banks about a New York listing, Reuters reports.     

NOVEMBER 2023 

Shein targets a $90 billion valuation, Bloomberg News reports. The company confidentially files for a U.S. IPO and lawmakers renew demands for forced-labour proof tied to its cheap clothing.

DECEMBER 2023

Shein opens talks with the London Stock Exchange about a possible listing in the United Kingdom, Sky News reports.

JANUARY 2024

Shein seeks Beijing’s approval for a U.S. listing to meet new rules for Chinese firms going public abroad, Reuters reports.

FEBRUARY 2024

Republican Senator Marco Rubio asks the SEC to block a New York listing unless the company makes additional disclosures about its business operations and “the serious risks of doing business” in China.

The UK’s then-finance minister Jeremy Hunt meets Shein’s chairman as London courts the listing, Reuters reports.

MAY 2024

Shein steps up preparations for a London listing after regulatory hurdles and pushback from U.S. lawmakers for its New York float. Senior British lawmakers also question its suitability and demand scrutiny.

JUNE 2024 

Shein meets the UK’s Labour Party and confidentially files with Britain’s markets regulator.

A human rights group and, in July, a campaign backed by British retail consultant and television personality Mary Portas, push to block the London float.

OCTOBER 2024

Shein holds informal investor meetings for the planned London IPO.

DECEMBER 2024

Britain’s financial regulator delays approval to vet supply chains and legal risks; Shein weighs asking for a waiver on rules requiring 10% of shares sold to the public.

JANUARY 2025

Shein targets a London listing in the first half, but tells UK lawmakers it bars Chinese cotton in U.S.-sold goods after a senior lawmaker flags concerns to regulators.

FEBRUARY 2025

Shein is set to cut its valuation in a potential London IPO to around $50 billion, nearly a quarter less than its 2023 fundraising value.

The Financial Times reports the listing may slip into the second half after U.S. President Donald Trump scraps the “de minimis” customs duty exemption on low-value ecommerce parcels.

Shein is under pressure to cut its valuation to about $30 billion, Bloomberg News reports.  

APRIL 2025

Britain’s FCA approves Shein’s London IPO — but Chinese regulatory sign-off is still needed.

MAY 2025

Shein pivots to Hong Kong, dropping its London-focused PR firms Brunswick and FGS in a sign the UK float is faltering.

JULY 2025

The company files confidentially for a Hong Kong IPO.

JULY 2026

China’s CSRC approves Hong Kong IPO.

AUGUST 2026

Shein launches its Hong Kong float.

SEPTEMBER 2026

Shein will make its Hong Kong market debut on September 1.

(SOURCES: Reuters stories and reporting, other media)

(Compiled by Ankita Bora and Yadarisa Shabong in Bengaluru and Kane Wu in Hong Kong; Editing by Tasim Zahid, Josephine Mason, Susan Fenton and Sonali Paul)