Shein, the Chinese online fashion retailer worth more than $60 billion that is under scrutiny from U.S. lawmakers over its labor practices, has registered with regulators for an initial public offering in New York, people familiar with the matter said.
The stock market debut could make Shein the most valuable Chinese company to go public in the United States since ride-hailing giant Didi Global listed in New York in 2021 at a $68 billion valuation. Didi was delisted from New York a year later amid Beijing’s crackdown on Chinese technology giants over antitrust and data security rules.
Shein has confidentially submitted its IPO registration with the U.S. Securities and Exchange Commission (SEC), the sources said. The stock market debut could come before the end of 2023, the sources added.
The sources requested anonymity because the matter is confidential. Spokespeople for Shein and the SEC did not immediately respond to requests for comment.