Fast-fashion giant Shein is preparing for its market debut in Hong Kong by the end of August, with a target valuation of $25 billion to $30 billion. This move follows the company's unsuccessful efforts to secure an initial public offering (IPO) in London over 2024 and 2025.
Shein initially considered a New York listing before focusing on the City of London. However, its London IPO faced scrutiny, with organisations like the UK Sustainable Investment and Finance Association raising concerns about governance standards. Liam Byrne, then chair of the House of Commons Business and Trade Committee, also called for tests to authenticate company statements, particularly regarding safeguards against forced labour.
The London Stock Exchange has seen more companies leave than join annually since 2022, with the number of companies on its main market falling from over 1,700 to under 1,000 in the last two decades. In 2024, London ranked 20th globally for IPOs.