Fast-fashion giant Shein has reportedly received approval from the Hong Kong Stock Exchange’s listing committee, clearing a major regulatory milestone as the company prepares for one of the most anticipated initial public offerings (IPOs) in recent years.

According to sources familiar with the process, Shein plans to publicly file its listing documents in the coming weeks, with the IPO potentially launching as early as late August, subject to market conditions. The company has also begun preliminary marketing meetings with institutional investors ahead of the offering.

The Hong Kong listing marks a significant shift in Shein’s public market strategy. Earlier attempts to go public in both New York and London faced regulatory and political scrutiny, prompting the company to pursue a listing in Asia’s leading financial center instead.

Shein is reportedly targeting a valuation between $40 billion and $50 billion—substantially below the approximately $100 billion valuation it achieved during a private fundraising round in 2022. The lower valuation reflects changing market conditions, increased investor discipline, and challenges affecting the global e-commerce sector.

Despite the reduced valuation target, Shein remains one of the world’s largest online fashion retailers. The company generated more than $40 billion in revenue last year and nearly $2 billion in net profit, demonstrating the scale of its global business despite a more challenging retail environment.

The company is also facing growing pressure from regulatory changes in key international markets. New fees on low-value e-commerce shipments in Europe are expected to weigh on sales growth and profitability, adding another factor that investors will likely evaluate during the IPO process.

For Hong Kong, securing Shein’s listing would represent a major victory in attracting high-profile international companies and reinforcing the city’s position as a leading global capital market. The IPO is expected to serve as an important indicator of investor appetite for large consumer and technology-related listings across Asia.

If completed successfully, Shein’s market debut could become one of the largest consumer IPOs of the year and help revive momentum in Hong Kong’s equity capital markets after a period of subdued listing activity.