Shein has set its sights on a listing in Hong Kong after its proposed initial public offering (IPO) in London failed to gain approval from Chinese regulators.
According to Reuters, the fashion giant intends to submit an application with Hong Kong’s stock exchange in the coming weeks with plans to go public within the year.
Sources told the publication that Shein had informed the China Securities Regulatory Commission (CSRC) shortly after it received the green light from the UK’s Financial Conduct Authority (FCA) in April.
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It is understood that the retail giant has faced an unexpected delay and limited communication from the CSRC since.
Shein’s plans to go public has been fraught with setbacks. It first sought a listing in New York to gain legitimacy as a global company and tap into a large pool of Western investors.
Following opposition from US lawmakers, the retailer focussed its efforts on a potential £50bn flotation on the London Stock Exchange.
Shein received the go ahead from the FCA in April around 10 months after it first filed papers with the regulator due to concerns over the retailer’s supply chains.
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