Fast-fashion giant Shein set to make confidential filing for HK IPO in rare move

China-founded fast-fashion retailer Shein plans to file a draft prospectus confidentially for its Hong Kong listing, marking a rare departure from the usual practice of companies making public filings of initial public offering (IPO) documents, three sources with knowledge of the matter said.

- 

HONG KONG -

Shein aims to submit the filing confidentially as soon as this week, one of the sources said.

Shein's confidential filing, if approved, would represent a waiver of one of the main listing rules by the Hong Kong exchange for one of the world's most closely watched IPO candidates, and possibly the largest in the city in 2025, two of the sources said.

The filing will come as the company, which sells low-priced apparel such as US$5 (S$6.40) dresses and US$10 jeans in around 150 countries, makes its third attempt to go public, more than 18 months after it first filed for a US IPO in late 2023.

Confidential filings enable companies to keep vital operational and financial information under wraps for longer and allow them to go through the regulatory review process without public disclosure.

Hong Kong's listing rules permit confidential filings for secondary listings by companies already listed on recognised overseas exchanges, such as the New York Stock Exchange or Nasdaq.

The exchange could also waive or modify the publication requirements in a spin-off from an overseas listed parent upon application by a new applicant, the listing rules show.

While this practice is common for IPO applicants in the United States, it remains relatively rare in Hong Kong, where high-profile IPOs have included Chinese tech giants Xiaomi and Meituan, which both filed publicly for their floats.