Fast-fashion retailer Shein is scheduled for a Hong Kong initial public offering hearing with the city’s stock exchange on Thursday, two sources with knowledge of the matter said, a step which will bring it closer to its much-awaited market debut.
The fast-growing commerce company on Friday received Chinese securities regulator’s nod to go ahead with its Hong Kong IPO plan, which marks the removal of a major hurdle in its long journey of going public.
The sources could be not named as the information was confidential.
Shein did not immediately respond to a Reuters request for comment.
The company will need to answer questions from members of the Hong Kong Stock Exchange’s listing committee during the hearing process.
Once Shein obtains clearance from the stock exchange, it can then proceed to conducting investor roadshows and launching bookbuilding for the IPO.
A source told Reuters on Friday the company could possibly aim to list in September or October, targeting a valuation of US$40 billion to US$50 billion.
Founded by Chinese-born entrepreneur Sky Xu in 2012, Shein had to wait for a year for the green light from Beijing for its Hong Kong IPO after confidentially filing the application last July.
Reuters