SHEIN has received the filing notification for its Hong Kong listing and is expected to become the first internet platform enterprise to complete an IPO via the dual-primary listing framework.

According to IPO Exclusive, the International Cooperation Department of the China Securities Regulatory Commission (CSRC) disclosed the "Filtration Notice on the Overseas Issuance and Listing of SHEIN Global Holdings Limited" on July 10.

This means that SHEIN had previously submitted a confidential listing application to the Hong Kong Stock Exchange (HKEX) and has met the pre-hearing requirements. Of course, SHEIN's path to listing has not been all smooth sailing — as early as the beginning of 2020, "IPO Exclusive" exclusively reported that the company was preparing for a U.S. IPO. At that time, it was still the "golden era" for Chinese new economy enterprises to list in the U.S., but the U.S. listing process was later put on hold due to a number of subjective and objective reasons. Subsequently, SHEIN also considered listing on the London Stock Exchange, but that ultimately did not come to fruition either.

Over the past few years, SHEIN's valuation once reached as high as 100 billion U.S. dollars, while the market capitalization at the issue price for this Hong Kong IPO is expected to range between 400 billion and 500 billion U.S. dollars. Its backers include JAFCO Asia, IDG Capital, Greenwoods Asset Management, Juyuan Capital, Sequoia China, Shunwei Capital, Tiger Global Management, Boyu Capital, General Atlantic, Coatue, and Mubadala, among others.

More notably, SHEIN's approved Hong Kong listing could make it the first internet platform enterprise to complete an IPO via a confidential submission process.

On May 6, 2025, the Securities and Futures Commission of Hong Kong (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX) issued a joint announcement, officially launching the "Special Tech Fast Track" to further facilitate listing applications by advanced technology companies and biotech companies, allowing these enterprises to choose to submit their listing applications in confidential form.

The announcement notes that advanced technology companies and biotech companies are generally in the early stages of development or have not yet commercialized their products. Compared with other industries, prematurely or over a long period disclosing the company's operational strategies, proprietary technologies, or listing plans could expose these enterprises to excessive risks. To help these companies mitigate such risks, HKEX will allow companies seeking listing under Chapter 18C and Chapter 18A of the Main Board Listing Rules to submit their application versions in confidential form.

Clearly, SHEIN — with annual revenues of tens of billions of U.S. dollars and net profits of several billion U.S. dollars — does not qualify as an advanced technology company or a biotech company. In other words, SHEIN will likely complete its confidential submission and listing as a "specially exempted party".

Meanwhile, according to the consultation paper published by HKEX on March 13 this year, the scope of applicability for confidential listing application submissions is planned to be extended to all new applicants, allowing any applicant to choose not to publish the application version immediately upon submission, while also optimizing the application rejection mechanism. This consultation period lasted eight weeks and ended on May 8, 2026. As of now, no official document has been released to confirm the formal implementation of this "expansion".

Janice Chun, Head of Listing at HKEX, stated at the time: "HKEX is committed to ensuring that our listing regime is robust and competitive, cementing Hong Kong's status as a leading international financial center. Following in-depth discussions with stakeholders, we found that they generally wish to access more high-quality innovative investment opportunities, and hope that the listing regime can become more efficient and forward-looking while maintaining investor trust and confidence. That is why we have put forward these proposals."

"The proposals build on the success of our landmark 2018 listing reforms, which fundamentally reshaped the structure of Hong Kong's stock market and attracted a large number of innovative companies to list in Hong Kong. We welcome public feedback on these proposals, and look forward to continuing our dialogue with stakeholders. Let us work together to consolidate Hong Kong's position as the preferred fundraising hub for growth enterprises and the premier global market for capital to access Asia," added Janice Chun.

This article originates from the WeChat official account "IPO Exclusive" (ID: ipozaozhidao), written by Stone Jin, and republished by 36Kr with authorization.