伦敦上市暂缓：传快时尚巨头希音转战港股IPO

Core Viewpoint - Shein is shifting its IPO plans from London to Hong Kong due to regulatory hurdles from Chinese authorities, aiming to file a draft prospectus in the coming weeks and go public within the year [5][6][7]. Group 1: IPO Plans - Shein plans to submit a draft prospectus for a Hong Kong IPO in the near future [6][7]. - The company aims to complete its public offering in Hong Kong within this year [6][7]. - The decision to change the listing venue comes after the failure to secure approval for a London IPO from the China Securities Regulatory Commission (CSRC) [5][10]. Group 2: Previous IPO Attempts - Shein's IPO journey has faced multiple setbacks, including an initial plan for a U.S. IPO in 2020, followed by a shift to the London Stock Exchange [9][10]. - The company's valuation peaked at $100 billion after funding rounds in 2020 and 2022 but dropped to $66 billion during a $2 billion private placement in 2023 due to increased competition and market conditions [9]. - The valuation for the London IPO was reduced to approximately $50 billion amid ongoing regulatory scrutiny [11]. Group 3: Regulatory Environment - The UK Financial Conduct Authority (FCA) approved Shein's London IPO plans, but the CSRC's lack of approval stalled the process [11]. - Shein's supply chain, primarily based in China with over 7,000 third-party suppliers, has been a focal point of regulatory concerns regarding transparency [12]. - Recent changes in tax policies in the U.S. and the EU may impact Shein's pricing strategy and operational costs [13][14].