(Sharecast News) - China's securities regulator has granted fast fashion giant Shein approval for an initial public offering in Hong Kong, paving the way for a stock market debut that reportedly could happen as soon as September or October.
After failing to win over regulators to list in New York and London, Shein received the green light from the China Securities Regulatory Commission (CSRC) on Friday.

Shein has been waiting for a year for approval, with the delays a result of numerous controversies surrounding the company, including alleged inadequate working conditions at factories, poor environmental practices and the sale of illegal products, such as childlike sex dolls.

According to Reuters, the CSRC approval had to be cleared by the highest levels of the Chinese government due to its politically sensitive nature.

The publication, citing a source close to the situation, reported that Shein could sell up to 8% of its shares in an IPO, raising proceeds in the low-single-digit billions and valuing the company at $40bn-50bn.

That's a significant downgrade from its peak valuation of $100bn in 2022, and its $66bn price tag following its most recent fundraising round in 2023.

• News Channel