The news: Shein’s long-awaited IPO may finally happen this year after Chinese regulators approved its Hong Kong listing.

The retailer is seeking to go public in September or October at a valuation of $40 billion to $50 billion, sources told Reuters, which would give it a market capitalization of roughly half that of Temu parent PDD Holdings but up to twice that of fast-fashion rival H&M.

How we got here: It’s taken nearly three years for Shein’s IPO to be approved, a reflection of the many regulatory challenges the retailer has faced in its relatively short existence. Attempts to go public in the US and UK were stalled by opposition from lawmakers and regulators. Even Beijing was hesitant to greenlight Shein’s public listing in the wake of a scandal involving the sale of sex dolls in France, as well as ongoing scrutiny of the company’s labor practices, according to Reuters.

While Shein’s regulatory problems haven’t abated, the retailer’s core business is in good shape, even with the end of de minimis protections in the US and other key markets.

• Shein attracted 52.3 million unique visitors to its US site in January 2026, more than six times as many as second place Nike, according to Comscore data provided to EMARKETER. That’s all the more notable given that the de minimis exemption was phased out more than six months prior.