Overview
- Shein confidentially submitted a draft IPO prospectus to the Hong Kong Stock Exchange and applied for China Securities Regulatory Commission approval last week.
- The Hong Kong filing aims to hasten its public listing and force the Financial Conduct Authority to accept a CSRC-approved prospectus for its preferred London debut.
- UK and Chinese regulators remain deadlocked over how to describe Xinjiang-related supply chain risks in the prospectus, blocking a London float.
- After winning FCA approval for its London prospectus in March, Shein still regards London as central to tapping Western investors.
- Its on-demand manufacturing model has been criticized for forced labor links and hit by the US’s de minimis tariff removal, shaping its IPO approach.