Shein's odyssey to listing crosses New York, London and likely finds home in Hong Kong

Shein moved a step closer to its long-awaited stock market debut earlier this week after securing approval from the Hong Kong stock exchange's listing committee for an initial public offering (IPO), as Reuters reported on July 17, reviving a listing journey that has been repeatedly derailed by geopolitical tensions and regulatory scrutiny.

The company is expected to publicly file its prospectus in the week of July 27 and could launch the offering as early as late August, as per the report.

Also Read: Chinese fast-fashion platform Shein ramps up speed, scale to win India market


The latest breakthrough marks another turn in a four-year effort by the fast-fashion giant to reach the public markets—a journey that has taken it from New York to London and finally Hong Kong, while navigating regulatory roadblocks, geopolitical scrutiny and a sharp reset in investor expectations.

The New York dream

Founded in 2008 by entrepreneur Chris Xu, Shein grew from a China-based online apparel retailer into one of the world's largest fast-fashion companies by selling low-cost clothing directly to consumers across more than 150 markets, powered by rapid manufacturing and data-driven merchandising.

The company began pursuing plans for a New York listing in 2022 as demand for ultra-fast fashion surged globally. Backed by a funding round that valued the company at about $100 billion, the retailer initially saw Wall Street as the ideal venue for what was expected to be one of the world's largest consumer technology listings.

When scrutiny caught up

Those ambitions soon collided with politics.

In 2023, US lawmakers urged the Securities and Exchange Commission (SEC) to halt Shein's proposed IPO until the company could demonstrate that its supply chain was free from forced labour in China's Xinjiang region. Although Shein confidentially filed for a US IPO later that year, mounting political and regulatory scrutiny steadily dimmed the prospects of a New York debut.

A detour through London

With the US route becoming increasingly uncertain, Shein shifted its attention to London in 2024, holding investor meetings and seeking approval from Britain's Financial Conduct Authority (FCA).

While the FCA approved the proposed listing in April 2025, the company still required clearance from Chinese regulators. The absence of that approval stalled the process, forcing Shein to once again rethink its listing plans.

Hong Kong, finally

By mid-2025, Hong Kong had emerged as the company's preferred destination.

Earlier this week, Reuters reported that Shein was targeting a valuation of $40 billion to $50 billion in the proposed Hong Kong IPO—less than half the valuation it commanded during its 2022 funding round.

Investors have become more cautious as new European Union fees on low-value e-commerce imports threaten to slow sales growth and compress margins in one of Shein's largest overseas markets, news reports show.

Also Read: Shein, hit with big fines, boosts internal controls

The following day, Reuters reported that the company had secured approval from Hong Kong's listing committee, allowing it to proceed with investor roadshows and book-building ahead of the IPO. The listing is expected to serve as a key test of investor appetite for large consumer offerings in Hong Kong after a prolonged lull in marquee listings.

The climate question

Shein's meteoric rise has also been accompanied by growing criticism over its environmental footprint and labour practices, with sustainability emerging as one of the biggest challenges to its global expansion.

A Time magazine report described Shein's business model as one of the most resource-intensive in the fast-fashion industry, citing the company's ability to add thousands of new styles every day and rapidly scale production based on consumer demand.

The report noted that Shein's reliance on virgin polyester and high-volume manufacturing contributes to an estimated 6.3 million tonnes of carbon dioxide emissions annually, while the broader fashion industry accounts for more than 10% of global carbon emissions.

The publication also highlighted the role of social media in fuelling Shein's growth, pointing to the company's extensive influencer marketing strategy across platforms such as Instagram and TikTok. While the model has helped make Shein one of the world's most recognisable fast-fashion brands, it has also intensified scrutiny from environmental groups and policymakers.

The company, however, has pledged to reduce its carbon dioxide emissions by 25 percent by 2030 and achieve net-zero emissions no later than 2050.

India's Shein story

Even as Shein's IPO ambitions evolved overseas, its relationship with India underwent an equally dramatic transformation.

The retailer was among dozens of Chinese apps banned by India in 2020 amid heightened border tensions with China and concerns over data security. The move abruptly ended Shein's rapid rise in one of its fastest-growing markets, where it had become popular for offering affordable, trend-driven fashion.

Five years later, the company returned under a markedly different arrangement through a licensing partnership with Reliance Retail.

Under the deal, Reliance controls the platform's operations, customer data and sourcing, while Shein functions only as the technology partner. Commerce Minister Piyush Goyal has said all customer and application data would remain in India, with Shein having no access. The partnership also positions India as a manufacturing and sourcing hub for Shein's global operations, aligning with New Delhi's push to expand textile exports while maintaining strict oversight of Chinese technology firms.

What's at stake

Shein's Hong Kong IPO is more than another corporate listing.

For the company, it represents the culmination of years of regulatory negotiations and a chance to regain momentum after its valuation was cut by more than half from its 2022 peak. For Hong Kong, it could deliver one of the city's largest consumer listings in years and help revive its capital markets.

And for India—where Shein has returned under one of the country's most tightly controlled partnerships with a Chinese company—the listing will be closely watched as the next chapter in the evolution of one of the world's biggest fast-fashion retailers.