A July 10 filing from a department of the China Securities Regulatory Commission indicates that Shein previously submitted a confidential listing application to the Hong Kong Stock Exchange and has met a prerequisite for a listing hearing, marking a step forward in its long-running IPO process.
Shein’s path to an IPO has not been smooth. As early as the beginning of 2020, the company was preparing for a US listing, but it later shelved the process for several reasons. Shein also explored a listing on the London Stock Exchange, though that plan did not materialize.
Over the past several years, Shein’s valuation reached as high as USD 100 billion. For its Hong Kong IPO, the market capitalization implied by the offer price could fall between USD 40 billion and USD 50 billion. Its investors include JAFCO Asia, IDG Capital, Greenwoods Asset Management, Grandway Capital, HSG, Shunwei Capital, Tiger Global Management, Boyu Capital, General Atlantic, Coatue, and Mubadala.
More notably, Shein’s approval for a Hong Kong listing could make it the first internet platform company to complete an IPO through a confidential filing.
On May 6, 2025, the Securities and Futures Commission and Hong Kong Exchanges and Clearing, or HKEX, issued a joint announcement formally launching the technology enterprise channel, or TECH, to further facilitate listing applications by specialist technology companies and biotech companies. The channel also allows eligible companies to submit listing applications confidentially.
The announcement said companies in these two categories are generally at an early stage of development or have yet to commercialize their products. Compared with companies in other sectors, they may face heightened risks if their operating strategies, proprietary technologies, or listing plans are disclosed too early or remain public for too long. To mitigate those risks, the Hong Kong Stock Exchange will allow companies seeking listings under Chapter 18C and Chapter 18A of the Main Board listing rules to submit application proofs confidentially.
Shein, which has significant revenue and profit, does not clearly fall under either category. That means the company may be proceeding through the confidential filing and listing process on the basis of a case-by-case waiver.
Separately, according to a consultation paper HKEX published on March 13, the scope of confidential listing applications would be expanded to all new applicants. Under the proposal, any applicant would be allowed to submit an application without immediately publishing its application proof, while the return mechanism would also be optimized. The consultation period lasted eight weeks and ended on May 8. As of now, no formal document has disclosed that the proposal has taken effect.
Katherine Ng, head of listing at HKEX, said at the time that the exchange was seeking to keep Hong Kong’s listing regime robust and competitive while reinforcing the city’s position as a leading international financial center. She said HKEX’s discussions with stakeholders showed broad demand for more high-quality investment opportunities in innovative companies, as well as a more efficient listing regime that can keep pace with market changes while preserving investor trust.
Ng said the proposals built on Hong Kong’s 2018 listing reforms, which reshaped the city’s equity market and attracted more innovative companies to list locally. She added that HKEX welcomed feedback on the proposals and would continue engaging stakeholders as Hong Kong works to strengthen its role as a fundraising venue for growth companies and a global capital market for Asia.
This article was adapted based on a feature originally written by Stone Jin and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.