By UNN Staff
May 28, 2025
May 28 (Reuters) – Shein, the online fast-fashion giant, is now shifting its IPO ambitions to Hong Kong after Chinese regulators did not approve its previously proposed London listing, according to three sources familiar with the matter.
The Singapore-headquartered company, which moved its base from China in 2022 while maintaining most of its supply chain in the country, has faced a series of regulatory, political, and public relations challenges in its attempts to go public.
Here is a chronological overview of Shein’s pursuit of a public listing:
JANUARY 2022
Shein revives plans to list in New York. Founder Chris Xu reportedly considers changing his citizenship to bypass proposed stricter rules for offshore IPOs in China. Shein had originally begun preparations for a U.S. IPO two years earlier but paused due to volatile U.S.-China relations.
FEBRUARY 2022
Shein halts its U.S. IPO plans due to capital market instability following Russia’s invasion of Ukraine.
MARCH 2023
The company targets a $2 billion fundraising round while aiming for a U.S. listing in the second half of 2023.
MAY 2023
A bipartisan group of 24 U.S. lawmakers urges the SEC to delay Shein’s IPO until the company can prove it does not use forced labor.
JUNE 2023
Shein begins steps to register for a New York IPO, according to insiders.
JULY 2023
Shein engages at least three investment banks and begins talks with both the NYSE and Nasdaq.
NOVEMBER 2023
Bloomberg reports Shein is targeting a valuation of up to $90 billion for its U.S. IPO. Reuters confirms Shein has confidentially filed to go public in the U.S. Meanwhile, lawmakers continue pressing for transparency regarding alleged forced labor in Shein’s supply chain.
DECEMBER 2023
Sky News reveals Shein has initiated discussions with the London Stock Exchange as a potential alternative IPO venue.
JANUARY 2024
Shein seeks Beijing’s approval to list in the U.S., in accordance with new Chinese listing regulations.
FEBRUARY 2024
U.S. Senator Marco Rubio asks the SEC to block Shein’s listing unless it discloses more about its operations in China. UK Finance Minister Jeremy Hunt meets with Shein Executive Chairman Donald Tang, as Shein expresses interest in listing in London.
MAY 2024
Shein increases preparations for a London listing. It plans to update China’s securities regulator and file with the LSE by May. However, UK lawmakers question the firm’s suitability to list in London, citing forced labor concerns.
JUNE 2024
Britain’s Labour Party confirms meetings with Shein about the potential IPO. Shein confidentially submits IPO documents to UK regulators. Meanwhile, Stop Uyghur Genocide, a UK-based human rights group, launches legal action to block the listing.
JULY 2024
A new online petition campaign, supported by UK retail expert Mary Portas, calls on the incoming Labour government to reject Shein’s listing.
OCTOBER 2024
Shein reportedly holds informal investor meetings ahead of the planned London IPO.
DECEMBER 2024
Britain’s financial regulator delays approval, citing the need to examine Shein’s supply chain and legal risks. Reports also suggest Shein is seeking a waiver from the 10% minimum public float rule.
JANUARY 2025
Shein aims to list in London in the first half of 2025, pending regulatory approval. A senior UK lawmaker voices fresh concerns to the LSE. Shein responds by stating it does not use Chinese cotton in products sold in the U.S.
FEBRUARY 2025
Sources report Shein is preparing to reduce its IPO valuation to around $50 billion. Amid regulatory challenges and Donald Trump’s moves to close “de minimis” import loopholes, the IPO could be delayed to the second half of 2025. Bloomberg later reports Shein may be forced to slash its valuation to as low as $30 billion.
APRIL 2025
Shein gains approval from the UK’s Financial Conduct Authority (FCA) but still requires clearance from Chinese regulators, including the CSRC.
MAY 2025
Shein drops two public relations firms — Brunswick and FGS — hired to support its IPO communications, signaling continued internal struggles with the listing.
Sources: Reuters, Bloomberg, Financial Times, Sky News
Compiled by: Ankita Bora and Yadarisa Shabong, Bengaluru
Edited by: Tasim Zahid
