Overview

• Shein privately filed a draft prospectus with the Hong Kong exchange last week.
• It is seeking approval from the China Securities Regulatory Commission under China’s new offshore listing rules.
• The Hong Kong application is meant to pressure the U.K. Financial Conduct Authority to accept a CSRC-approved prospectus for a London listing.
• Despite this effort, substantive differences in risk-disclosure requirements leave a London debut uncertain.
• The company’s IPO hopes have shifted from New York to London and now to Hong Kong as scrutiny continues over alleged forced labor and opaque supply chains.