As Shein failed to get approval from Chinese regulators for an IPO in London, the controversial e-commerce company is now said to be looking to list on the Hong Kong stock exchange within the year.
Disappointing results
Shein did obtain approval from the British regulator for a London IPO in March, after the company had previously called off an IPO in New York. However, it now appears the fashion app has failed to get approval from Chinese regulators, so its plans are changed yet again: the company will file a prospectus with the Hong Kong stock exchange, Reuters reports on the basis of insiders. Shein itself has yet to comment on the rumours.
The e-commerce company posted disappointing results in 2024 due to increasing competition. The threat of both European and American import duties is also affecting the company. European retailers have long complained about the uneven playing field created by Chinese platforms, with the influx of mountains of unusable clothes that often do not comply with European legislation.
