Shein Group has abandoned plans to float in London and is now working towards a public listing in Hong Kong, delivering another setback to the UK’s already faltering IPO market, according to a Reuters exclusive citing three people familiar with the matter.
The fast-fashion giant, founded in China and now based in Singapore, had secured regulatory approval from the UK’s Financial Conduct Authority earlier this year.
But it has struggled to win clearance from the China Securities Regulatory Commission, a requirement for any Chinese-founded company listing overseas.
Sources say Shein had hoped approval from Beijing would follow swiftly after the UK nod, but delays and limited feedback prompted the shift in strategy.
The company now aims to file a draft prospectus with the Hong Kong exchange in the coming weeks, with a listing expected later this year.
The move marks a sharp reversal in Shein’s global ambitions. Having previously eyed New York and then London to boost its international profile, a Hong Kong listing may be seen as more politically palatable to Beijing, particularly amid US-China trade tensions.