(Yicai) July 13 -- Shein Global Holdings intends to issue up to 342 million ordinary shares as part of its planned listing on the Hong Kong Stock Exchange.

The China Securities Regulatory Commission disclosed recently that it had received the offshore listing filing submitted by Shein through its mainland operating entity, Guangzhou-based Shein International Import & Export. After earlier listing attempts in New York and London, Shein confidentially filed for a Hong Kong IPO in June 2025 and recently submitted another confidential application. The latest regulatory filing signals that the company's Hong Kong listing has entered a substantive stage.

A successful Hong Kong IPO would provide Shein with fresh capital to support its global expansion while offering an exit channel for institutional investors. Market observers say the listing could also strengthen the company's brand, support further overseas growth, and reshape competition in China's cross-border e-commerce sector.

Founded in 2012, Shein began as a wedding dress retailer before expanding into women's apparel, accessories, and other product categories. It has since grown into a global online fashion and lifestyle retailer serving around 160 countries and regions through a hybrid model combining direct sales with a marketplace platform.

According to consulting firm GlobalData, Shein overtook Zara, H&M, and Uniqlo in 2024 to become the world's third-largest fashion retailer after Nike and Adidas, supported by its digitalized, flexible supply chain. Together with AliExpress, Temu, and TikTok Shop, Shein is regarded as one of China's "Four Dragons" of cross-border e-commerce.

"Shein's upcoming listing in Hong Kong will help alleviate the funding pressures caused by its ongoing overseas expansion and meet the exit demands of institutional shareholders," Li Yingtao, a partner at consulting firm MCR, told business magazine Caijing. He added that the IPO could enhance the company's brand image, support market expansion, provide a model for industry peers, and accelerate consolidation among small and medium-sized e-commerce platforms.

Some veteran investment bankers, however, said investor interest has shifted sharply toward artificial intelligence companies in recent years. As a result, traditional cross-border e-commerce firms face greater challenges securing AI-like valuations because they are perceived as lacking comparable high-growth potential.

Editor: Emmi Laine