Shein, a Chinese fast-fashion e-commerce platform, aims to file a confidential listing application to the Hong Kong Stock Exchange in the quarter ending September this year, said two sources familiar with the situation.

Goldman Sachs and Morgan Stanley have been retained as among the advisers for the share floatation, the two and a third source said.

The company is currently valued at around USD 50bn, the three sources said. That would be halved from USD 100bn reported by The Wall Street Journal in 2022.

A Shein IPO would be a long way coming.

The company had unsuccessfully attempted a US listing through a confidential filing in late 2023, only to shift toward a London IPO bid in mid-2024 due to heightened US-China tensions. The London listing plan has failed to secure Beijing’s blessing, leading to a Hong Kong listing effort eventually. The company’s valuation has come under pressure along the way.

Over the years, Shein has worked on addressing various governance issues. On its website, the company has highlighted supplier responsibility, environmental policy, as well as workplace health and safety, among others.

Shein is an online apparel retailer serving customers across more than 160 countries, supported by a global network of over 40 offices, according to its website.

Its brands include SHEIN, DAZY, ROMWE, MOTF, Anewsta, MUSERA, GLOWMODE, Aralina, as per its website.

Shein, Goldman Sachs and Morgan Stanley did not respond to requests for comment.