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Fashion Startup Shein Raising Funds at $100 bln Value

A keyboard and a shopping cart are seen in front of a displayed Shein logo in this illustration picture taken October 13, 2020. (Reuters)
A keyboard and a shopping cart are seen in front of a displayed Shein logo in this illustration picture taken October 13, 2020. (Reuters)
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Fashion Startup Shein Raising Funds at $100 bln Value

A keyboard and a shopping cart are seen in front of a displayed Shein logo in this illustration picture taken October 13, 2020. (Reuters)
A keyboard and a shopping cart are seen in front of a displayed Shein logo in this illustration picture taken October 13, 2020. (Reuters)

Chinese fast fashion e-commerce startup Shein is weighing a funding round at a valuation of about $100 billion, Bloomberg reported on Sunday, citing people familiar with the matter.

The online retailer is in talks with potential investors to raise about $1 billion, the report added.

Shein's plan to list in the United States was put on hold due to volatile capital markets amid Russia's attack on Ukraine, according to sources.

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Shein Reportedly Files for Hong Kong IPO to Save London Listing

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
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Shein Reportedly Files for Hong Kong IPO to Save London Listing

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo

China-founded fast-fashion retailer Shein has filed for an IPO in Hong Kong to accelerate the listing process and pressure Britain's regulators to approve its planned London debut, the Financial Times reported on Tuesday.

The company privately filed a draft prospectus last week with Hong Kong's exchange and sought a regulatory nod from the China Securities Regulatory Commission, the report said, citing people familiar with the matter.

Reuters could not immediately verify the report. Shein did not immediately respond to a Reuters request for comment.

The company filed for a Hong Kong listing partly to pressure the UK regulator into easing its risk disclosure rules and to keep alive for what could be London's biggest IPO in years, the FT report added.

Reuters first reported in June that Shein was planning to file a draft prospectus confidentially for its Hong Kong listing, citing three sources with knowledge of the matter.

Reuters also reported in May, citing sources, that Shein was working towards a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese regulators.

If UK's Financial Conduct Authority is willing to accept a CSRC-approved prospectus, London would still be Shein’s preferred exchange, the FT report said, adding that chances were still slim, given that the regulators’ requirements were still wide apart.