Shein passes hearing for Hong Kong listing as valuation halves to below US$50b, sources say

Regulatory headwinds, alongside prolonged IPO delays, have severely dented the unicorn’s valuation

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A clothing display by Shein in a department store in Paris, November 4, 2025. Photo: AP

Published: 4:34pm, 17 Jul 2026Updated: 5:31pm, 17 Jul 2026

Online fast-fashion giant Shein has cleared its listing hearing with the Hong Kong stock exchange, according to people familiar with the matter, bringing it a step closer to an initial public offering (IPO) after attempts to float in New York and London stalled.

The Singapore-headquartered company, founded in China, attended its listing hearing with Hong Kong Exchanges and Clearing (HKEX) on Thursday, sources said.

Zhongji Innolight, a leading Chinese optical module manufacturer with a market capitalisation of over 1 trillion yuan (US$147.7 billion), announced on Friday that it had passed its Hong Kong listing hearing.

The company was expected to start bookbuilding as early as this month, aiming to become the largest Hong Kong IPO of the year, according to people familiar with the matter.

Goldman Sachs, CICC, Morgan Stanley and GF Securities are acting as the joint sponsors.

HKEX declined to comment on individual listings, while Shein and Innolight did not immediately respond to requests for comment on Friday.

The hearing clearance comes just days after the China Securities Regulatory Commission (CSRC) greenlit Shein’s plans to issue up to 341.6 million shares and list in Hong Kong.

Shein passes hearing for Hong Kong listing as valuation halves to below US$50b, sources say

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Regulatory headwinds, alongside prolonged IPO delays, have severely dented the unicorn’s valuation

Regulatory headwinds, alongside prolonged IPO delays, have severely dented the unicorn’s valuation