Shein mulls confidential filing
Online fast fashion company Shein is considering a confidential filing for its multibillion Hong Kong IPO, a person with knowledge of the transaction said.
Shein's attempt to list in Hong Kong comes after its listing plans in the US and the UK did not go through. It first filed for a US IPO in 2023.
Shein was valued at US$66bn in 2023.
Confidential filings are rare in Hong Kong and usually allowed only for secondary listings by companies already listed on recognised overseas exchanges, but companies can ask for a waiver of the requirement to make a public filing.
Confidential filings allow companies to keep sensitive business information private until the regulatory review is complete. Issuers also sometimes resort to confidential filings when they are not sure about the timeframe of the IPO launch.
Bankers think a Hong Kong listing may face less political opposition than in the US or UK, but it remains to be seen how quickly the company can secure approval from the China Securities Regulatory Commission.
Founded in 2008 in Nanjing by Chris Xu, Shein moved its headquarters to Singapore in 2022 and registered a key business unit there after reportedly deregistering itself in China.
Shein works with suppliers in China but it does not generate revenue from the country. The management calls Shein a global company and insiders have said a listing in the West would better match its position as a global company.
Goldman Sachs, JP Morgan and Morgan Stanley are leading the transaction.