Shein Group is reportedly advancing preparatory work for an initial public offering on the Hong Kong Stock Exchange, according to people familiar with the matter.
The development marks a significant step for the fast-fashion giant, which has been the subject of IPO speculation for years but has yet to file formal registration documents.
The move suggests the company is nearing a decision on its public debut, potentially capping a lengthy effort to access capital markets.
While no timeline or valuation has been confirmed, the shift from internal planning to active preparation indicates that Shein is positioning itself for a near-term listing.
Hong Kong has emerged as a preferred venue for many Chinese tech and consumer companies seeking global capital while maintaining regulatory flexibility.
For investors, a Shein IPO would represent one of the most anticipated retail debuts in recent years.