Asian stocks follow Wall Street and Europe lower on hawkish central bank remarks

Chinese fast-fashion group Shein has filed confidential paperwork for its initial public offering with the US securities regulator, according to two people briefed on the matter, in what is likely to be one of the largest New York listings of the past decade.

The IPO decision comes a year after Shein raised cash at a vastly reduced valuation of approximately $66bn from $100bn.

The internet retailer, which became hugely popular during the Covid-19 pandemic as millions of people embraced online shopping, has hired JPMorgan Chase, Morgan Stanley and Goldman Sachs to advise on the listing.

Shein, JPMorgan Chase, Morgan Stanley and Goldman Sachs declined to comment.

News of the filing was reported earlier by The Wall Street Journal.

This post has been amended to reflect Shein’s reduced valuation of $66bn from a previous reduced valuation of $64bn.

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