Jul 8, 2025 - Business

Shein takes step toward its IPO

Dan Primack

Illustration of a sewing pin cushion with the Chinese flag icon — Illustration: Annelise Capossela/Axios

Shein reportedly filed confidential IPO papers in Hong Kong, 18 months after filing to go public on the London Stock Exchange.

Why it matters: The fast-fashion giant is trying to pressure U.K. regulators into accepting reduced disclosures into its China labor practices, as the current requirement can't get Beijing's signoff.

By the numbers: Shein was valued by VCs at $100 billion in 2022, but one year later that figure was slashed to $66 billion.

Backers include HongShan, General Atlantic, Mubadala, Claure Group, Tiger Global, Jafco Asia, C Capital, Pan Pacific Capital, and Brookfield.

Go deeper, via the FT: "While the retailer has about $12 billion in cash on its balance sheet and is in no hurry to float, its investors and advisers are urging the company to accelerate a process that first ran into trouble when Shein failed to win approval from the U.S. Securities and Exchange Commission in 2023."

Add Axios on Google

Shein takes step toward its IPO

What to read next