Shein has secured China’s approval for a Hong Kong initial public offering, setting the stage for a valuation of over $40 billion. The fast‑fashion retailer’s filing last summer is now expected to move forward as early as the third quarter of this year.

The company plans to issue 341.6 million H shares in the IPO, according to a statement from the China Securities Regulatory Commission. Beijing’s nod came roughly a year after Shein confidentially submitted its IPO application.

With the approval in place, Shein could become one of the largest listings on Hong Kong’s stock exchange. The move underscores the growing interest in high‑growth tech and fashion firms seeking capital in Asia’s biggest financial hub.

The listing will also signal a bold step for Shein’s expansion strategy, potentially boosting its global presence and providing a new revenue stream for its parent company.