Shein secures Hong Kong IPO approval from China's top regulators
Business
Shein has received the official go-ahead to launch its IPO in Hong Kong after failed attempts in New York and London.
The green light came from China's top regulators, ending a long wait for the fast-fashion giant to go public despite some past controversies.
Shein starts investor pitches, targets $40B-$50B
With approval in hand, Shein will start pitching to investors and preparing for stock exchange hearings.
Its valuation, which was $100 billion in 2022, is reportedly targeting $40 billion to $50 billion for the IPO, thanks to slower e-commerce growth and criticism over its business model.
Even so, Shein remains bigger than H&M and could help put Hong Kong back on the map as a global IPO hotspot.