Overview

• Shein has received preliminary approval from the UK's Financial Conduct Authority (FCA) for its planned London IPO, a significant step forward in its listing process.
• The company still requires approval from Chinese regulators, including the China Securities Regulatory Commission (CSRC), under Beijing's updated offshore listing rules.
• U.S. trade policies, including the termination of the de minimis rule and new tariffs on Chinese goods, are expected to impact Shein's valuation and business operations, particularly in its largest market, the U.S.
• Shein's IPO timeline may be delayed to the second half of 2025 as it navigates regulatory challenges and updates its prospectus to reflect market changes.
• The strategic pivot to London follows the abandonment of a U.S. IPO in 2023, amid scrutiny over supply chain ethics and labor practices.