As per a Business Today report, the IPO would be the first major equity deal by a Chinese company in the United States since regulators in the world's second-largest economy stepped in to tighten oversight of such listings in July. Founded by Chinese entrepreneur Chris Xu in 2008, Shein first started preparing for a US IPO about two years ago, but shelved the plan partly due to unpredictable markets amid rising US-China tensions.
The e-commerce company ships to 150 countries and territories from its many global warehouses. In 2021, its revenues jumped to around 100 billion yuan due to the pandemic-induced shift to online consumption. Valued at around $50 billion in early 2021, its valuation is estimated to have doubled in the past year,
The company, whose investors include Sequoia Capital China, IDG Capital and Tiger Global, was valued at $15 billion in its last funding round in August 2020, according to CB Insights data.
According to Coresight Research, Shein’s estimated sales in 2020 jumped 250 per cent over the preceding year to $10 billion, with over 2,000 items added on its website weekly.