Fast-fashion giant Shein is reportedly shifting its IPO plans to the Hong Kong Stock Exchange after facing delays in Chinese regulatory approval for its London listing. Though Shein secured U.K. regulatory approval, clearance from the China Securities Regulatory Commission (CSRC) has stalled. The pivot comes amid mounting challenges: new U.S. trade tariffs drove a 65% plunge in e-commerce parcel volumes to the U.S. in Q1 2025, while European shipments rose 28%. Shein reported a near 40% drop in net profit to 789 million British pounds ($1.01 billion) last year. Once targeting a 50 billion British pound ($64.04 billion) valuation, Shein may now face closer to half that figure.