Shein Group Ltd. is considering switching its planned initial public offering to Hong Kong from London, people familiar with the matter said, representing the latest twist in the fast-fashion retailer’s turbulent pursuit of going public.
Shein and its advisers have shifted focus because the approval process with Chinese regulators for its proposed London listing was dragging on, the people said, asking not to be identified because the deliberations are private.
Considerations are ongoing and no final decisions have been made, the people said. Shein, which is headquartered in Singapore but was founded in mainland China, didn’t immediately respond to a request for comment. The China Securities Regulatory Commission didn’t immediately reply to a faxed query.
Shein’s about-face would be a blow to London’s moribund IPO market as the city faces mounting competition from other financial centres. For Hong Kong, a name such as Shein would be the latest addition in what’s shaping up to be a banner year after completing deals such as the world’s biggest listing of 2025.
The initial plan was to list in the US, but that was derailed amid scrutiny of Shein’s supply chain and labour practices.
Despite a recent overhaul of listing rules, London IPO volumes have remained subdued, and a Shein listing in the UK would offer fresh momentum, though it was likely to face challenges similar to the US.
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In Hong Kong, multibillion-dollar deals such as Contemporary Amperex Technology Co. Ltd.’s debut are poised to double overall proceeds from listings to more than $22 billion this year, according to Bloomberg Intelligence.
On the business side, Shein has gotten caught up in the geopolitical tensions between China, the US and Europe. Given its heavy Chinese supply chain, the company got hit with tariffs of as high as 145% in the US and was recently warned by European Union regulators it could face fines unless it clamps down on consumer protection violations on its platform.
Additionally, fierce competition from rivals such as Temu has made it harder for Shein to expand its market share.
Reuters earlier reported that Shein is considering Hong Kong as its IPO venue.
