Shein's IPO journey has been, to put it generously, complicated. The company confidentially filed for a US IPO in 2023 at a rumoured $100 billion valuation. The filing was followed by congressional hearings, regulatory investigations, and a bipartisan consensus in Washington that a Chinese-founded fashion company with opaque supply chains and significant data collection should not be listing on the NYSE.

The company then attempted a London listing. The FCA review was protracted. Questions about supply chain practices, specifically allegations of forced labour in its cotton supply chain, required extensive response. The London listing has not materialised as of mid-2026.

What Shein has done instead is restructure. It has shifted its formal domicile to Singapore. It has hired compliance and governance executives to address regulatory concerns. It has pursued the Missguided acquisition and other moves to appear more like a Western fashion company.

The valuation has come down significantly. From $100 billion in 2023 to approximately $45 billion in more recent discussions. That markdown reflects both the regulatory headwinds and the broader luxury retail market cooling.

The tariff exposure under current US trade policy is significant. Shein's model depends on importing small parcels that previously qualified for de minimis exemptions. The removal of those exemptions under 2025 trade policy changes has materially affected the economics of the business.

The FreeMalta read: The regulatory and supply chain narrative needs to be resolved before any credible listing. The valuation markdown from $100 billion to $45 billion is significant and may not be the floor. Watch for a Singapore or Hong Kong listing rather than US or UK.