A shopper comes with luggage with promotional items while visiting fashion retailer Shein on December 13, 2024 on Christmas bus trip in Manchester, UK.
Pregnant women Reuters
Online fast fashion giant Shein has secretly applied for an initial public offering in Hong Kong in an attempt to put pressure on British regulators and accelerate its long-troubled listing ambitions, the Financial Times reported.
Two sources familiar with the matter told the newspaper that the Chinese-based Singapore retailer submitted a draft prospectus with the Hong Kong Exchanges (HKEX) last week and received approval from the China Securities Regulatory Commission (CSRC).
HKEX, CSRC, the UK Financial Conduct Authority and the London Stock Exchange did not immediately respond to CNBC’s comments on the report.
Shein had previously submitted a list in London about 18 months ago but has been working to get regulatory approval and reportedly shifted its focus to Hong Kong in May.
The London listing is seen as a boon for the nearly 17-year-old Chinese-built company, offering international legitimacy and access to deep and mature Western investors.
Still, Shein faces a tough battle in its listing ambitions as it tries to avoid allegations of using forced labor to produce its $5 T-shirt and $7 shoes. While it strongly denied that claim, Shein shifted his attention from New York to London last year, after issues like this against U.S. lawmakers continued.
This is a developing story. Please check it for updates.
