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Shein to Debut on Hong Kong Stock Exchange, Aiming to Raise $1.7 Billion
🇲🇽 Mexico /Economy & Trade

Shein to Debut on Hong Kong Stock Exchange, Aiming to Raise $1.7 Billion

From El Universal · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Fast fashion giant Shein plans to debut on the Hong Kong Stock Exchange on September 1, aiming to raise $1.7 billion.
  • The company, founded in China and now based in Singapore, received Beijing's approval for its IPO in July.
  • Shein has faced scrutiny over environmental impact and alleged human rights violations.

Fast fashion retailer Shein is set to make its debut on the Hong Kong Stock Exchange on September 1, with plans to raise approximately $1.7 billion. The company announced its intention to offer 280 million shares, potentially raising up to 13.86 billion Hong Kong dollars (US$1.7 billion). This move would value the company at an estimated US$26.8 billion.

Founded in China and now headquartered in Singapore, Shein secured approval from Beijing for its initial public offering in Hong Kong in July. Previous attempts to list in New York and London were reportedly hindered by regulatory challenges over the past few years.

The company has been a target of criticism regarding its environmental footprint and accusations of human rights abuses. However, its CEO stated last year that the company maintains a "zero tolerance" policy for forced labor.

Shein operates most of its factories in China and differentiates itself through rapid product design and an efficient production chain, enabling it to offer a wide selection of items at extremely low prices, rivaling Amazon in the United States.

DistantNews Editorial

Originally published by El Universal in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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