The Hong Kong stock market is set to welcome a major player as fast-fashion e-commerce giant SHEIN prepares to submit a confidential IPO application to the HK Stock Exchange (HKEX) as early as June 30, according to market sources.
SHEIN's IPO will utilize a rare confidential filing mechanism, allowing the company to undergo preliminary review without publicly disclosing financial details. If approved, this would mark the first large-scale IPO in HK to proceed without making its prospectus publicly available. Such a process is typically reserved for secondary listings of companies already traded on international exchanges like the New York Stock Exchange or Nasdaq.
This will be SHEIN's third attempt to go public. The company's previous efforts faced significant hurdles: a late-2023 bid to list in the US was blocked due to regulatory scrutiny, and earlier this year, a move to London stalled due to valuation disagreements (revised from US$66 billion to US$50 billion) and regulatory delays. By the end of May, SHEIN shifted its focus to HK, a move widely seen as an effort to mitigate geopolitical risks. According to Reuters, this IPO could become HK's largest for 2025.
Related News:
Tariff hikes force Temu and Shein to raise prices for US customers
US reportedly considering adding Shein and Temu to 'forced labor' list
Comment