Shein is reportedly preparing a confidential IPO filing with the Hong Kong Stock Exchange, potentially submitting a draft this week. The listing could become one of Hong Kong’s largest cases utilizing a rarely granted confidential submission process. This mechanism allows Shein to undergo regulatory review without disclosing sensitive details until passing the HKEX hearing. After failed U.S. and London IPO attempts, Shein has shifted focus to Hong Kong, aiming to complete the IPO within 2025. Founder Sky Xu holds 81 billion RMB ($11.2 billion) based on a 37% stake.