Shein has received the green light for its long-awaited Hong Kong initial public offering (IPO), following failed earlier attempts in New York and London.
The ecommerce giant has won approval from the China Securities Regulatory Commission (CSRC) after a year-long wait, Reuters reported.
The retailer’s filing is understood to have required clearance by the highest levels of the ruling Chinese Communist Party.
It is thought that Shein’s controversy in France and reports of poor labour practices at its supplier factories in China had raised concerns on whether to approve an IPO.
Following the green light, the retailer can now begin organising investor roadshows and preparing for the hearing with the Hong Kong stock exchange that all IPO candidates have to pass.
Shein has come under fierce scrutiny by the French government as the platform continues to grow.
The country, which has launched several investigations into the ecommerce player, has just introduced new legislation mandating per-product fines for ultra-fast-fashion companies and banning them from any form of advertising.
Such brands face fines of between €0.25 and €6 per product this year, rising as high as €10 per product in 2030.
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