Global Markets: Shein finally wins China's approval for Hong Kong IPO, in third attempt to go public

Shein received approval from China's CSRC for its Hong Kong IPO after waiting about a year, marking its third attempt to go public following failed efforts in New York and London. The fast-fashion retailer is reportedly targeting a valuation of around USD 40-50 billion, sharply down from its USD 100 billion peak in 2022, with a potential listing in September or October. Reliance is among Shein's backers alongside SoftBank, General Atlantic, HongShan Capital, and Saudi Arabia's PIF.