Exclusive: China fashion retailer Shein to file confidentially for Hong Kong IPO in rare move, sources say
独家消息：消息人士称，中国时尚零售商希音将秘密提交在香港首次公开募股（IPO）的申请，此举罕见

June 27 (Reuters) - China-founded fast-fashion retailer Shein plans to file a draft prospectus confidentially for its Hong Kong listing, marking a rare departure from the usual practice of companies making public filings of IPO documents, three sources with knowledge of the matter said.
6月27日（路透社）——据三位知情人士透露，中国创立的快时尚零售商希音计划秘密提交在香港上市的招股书草案，这与公司公开提交首次公开募股文件的惯例做法截然不同。

Shein aims to submit the filing confidentially as soon as this week, one of the sources said. A second source said the filing was expected to be made by Monday.
其中一位消息人士称，希音计划最早在本周秘密提交申请。第二位消息人士称，预计将在周一前提交申请。

Shein's confidential filing, if approved, would represent a waiver of one of the main listing rules by the Hong Kong exchange for one of the world's most closely-watched IPO candidates, and possibly the largest in the city this year, two of the sources said.
消息人士称，如果获得批准，Shein 的秘密备案将代表香港交易所对全球最受关注的首次公开募股候选者之一，以及可能是今年香港规模最大的首次公开募股，豁免了一项主要的上市规则。

The filing will come as the company, which sells low-priced apparel such as $5 dresses and $10 jeans in around 150 countries, makes its third attempt to go public, more than 18 months after it first filed for a U.S. IPO in late 2023.
此次备案是该公司第三次尝试上市，此前该公司于 2023 年末首次申请在美国进行首次公开募股 ，至今已过去 18 个多月。该公司在约 150 个国家销售低价服装，如 5 美元的连衣裙和 10 美元的牛仔裤。

Confidential filings enable companies to keep vital operational and financial information under wraps for longer and allow them to go through the regulatory review process without public disclosure.
秘密备案使公司能够更长时间地对重要的运营和财务信息保密，并允许它们在不公开披露的情况下完成监管审查过程。

Hong Kong's listing rules permit confidential filings for secondary listings by companies already listed on recognised overseas exchanges, such as the New York Stock Exchange or Nasdaq.
香港的上市规则允许已在纽约证券交易所或纳斯达克等公认的海外交易所上市的公司，以保密方式提交二次上市申请。

The exchange could also waive or modify the publication requirements in a spinoff from an overseas listed parent upon application by a new applicant, the listing rules show.
上市规则显示，对于从海外上市母公司分拆出来的公司，交易所也可以应新申请人的申请，豁免或修改信息披露要求。

While this practice is common for IPO applicants in the U.S., it remains relatively rare in Hong Kong, where high-profile IPOs have included Chinese tech giants Xiaomi (1810.HK), opens new tab and Meituan (3690.HK), opens new tab, which both filed publicly for their floats.
虽然这种做法在美国的首次公开募股申请人中很常见，但在香港仍然相对罕见。此前，中国科技巨头小米（1810.HK）和美团（3690.HK）等备受瞩目的首次公开募股都选择了公开提交申请。

The sources spoke to Reuters on the condition of anonymity as they were not authorised to speak to the media.
消息人士因未获授权对媒体发言而要求匿名。

Shein, founded by China-born entrepreneur Sky Xu, did not reply to a request for comment. The Hong Kong stock exchange declined to comment on individual companies.
由中国出生的企业家许仰天创立的希音未回复置评请求。香港证券交易所拒绝评论个别公司。

Documents, including financials, related to Shein's IPO will remain undisclosed until the company passes a hearing with the Hong Kong stock exchange, which is the final step in the city's regulatory approval process.
与希音首次公开募股相关的文件，包括财务报表，将在该公司通过香港证券交易所的聆讯后才会公开，这是香港监管审批程序的最后一步。

Prior to that final step, Shein must secure an approval from the China Securities Regulatory Commission (CSRC) to go ahead with the Hong Kong IPO. It is not known if Shein has already secured a verbal nod from the Chinese securities regulator.
消息人士称，在此最后一步之前，Shein 必须获得中国证券监督管理委员会（证监会）的批准才能在香港进行首次公开募股。目前尚不清楚 Shein 是否已经获得了中国证券监管机构的口头认可。

The CSRC did not respond to Reuters request for comment.
中国证监会没有回应路透社的置评请求。

Reuters first reported last month, citing sources, that Shein was working towards a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese regulators.
路透社上个月首次援引消息人士报道称，由于其拟议的伦敦首次公开募股未能获得中国监管机构的批准，Shein 正在努力实现在香港上市 。

The New York attempt also did not receive CSRC approval, Reuters previously reported.
此前路透社报道，在纽约进行的尝试也未获得中国证监会的批准 。

Shein's confidential submission of the prospectus enables Hong Kong and mainland Chinese regulators to assess the IPO application, raise their questions to Shein and prepare it for regulatory approval privately, the sources said.
消息人士称，希音秘密提交招股书，使得香港和中国大陆的监管机构能够评估其首次公开募股申请，私下向希音提出问题，并为其获得监管批准做好准备。

The regulators would be able to do that before public, including potential institutional investors', scrutiny of its application materials, including risk factors, they added.
他们补充说，监管机构可以在公开之前这样做，包括潜在的机构投资者对其申请材料（包括风险因素）的审查。

The filing would come against the backdrop of Shein grappling with the knock-on impacts of the Sino-U.S. trade war after U.S. President Donald Trump ended duty-free treatment of ecommerce parcels and hiked tariffs on Chinese goods, hurting its business in the U.S., its biggest market.
此次提交申请的背景是，在唐纳德·特朗普总统结束了对电子商务包裹的免税待遇并提高了对中国商品的关税之后，Shein 正在努力应对中美贸易战的连锁反应，这损害了其在美国（其最大的市场）的业务。

Shein was valued at $66 billion during its pre-IPO fundraising round in 2023, down by a third from a funding round one year earlier. Its eventual IPO valuation will hinge on the impact of the tariff changes, sources have said.
Shein 在 2023 年 IPO 前融资中的估值为 660 亿美元，比一年前的融资下降了三分之一。消息人士称，其最终的 IPO 估值将取决于关税变化的影响。

A Shein listing would help Hong Kong, which saw $12.8 billion worth of IPOs and second listings in the first half, re-establish its credibility as a global fundraising centre at a time of major volatility stoked by U.S. trade policy changes.
如果希音成功上市，将有助于香港重新确立其作为全球融资中心的地位。今年上半年，香港的首次公开募股和二次上市总额达到 128 亿美元。目前，美国贸易政策的变化引发了巨大的市场波动。

Shein, founded in mainland China in 2012, is hoping to succeed in Hong Kong after failed attempts to list in New York and then London, where Britain's financial regulator approved the listing.
希音于 2012 年在中国大陆成立，此前在纽约和伦敦的上市尝试均未成功。该公司希望在香港取得成功。英国金融监管机构曾批准了其在伦敦的上市 。

Shein will have to file with the CSRC within three working days after submitting its IPO application in Hong Kong, in line with Beijing's rules for Chinese firms seeking offshore listings.
消息人士称，根据中国公司在境外上市的规定，Shein 在向香港提交首次公开募股（IPO）申请后，必须在三个工作日内向中国证监会（CSRC）备案。

Shein shifted headquarters from China to Singapore in 2022 and does not own or operate any factories, but remains subject to Chinese IPO rules because its products are mostly made by a network of 7,000 third-party suppliers in China, sources have said.
消息人士称，Shein 于 2022 年将总部从中国迁至新加坡，且不拥有或运营任何工厂，但由于其产品主要由中国境内的 7000 家第三方供应商网络生产，因此仍受中国首次公开募股规则的约束。

The CSRC applies the rules on a "substance over form" basis, granting it discretion on when and how to implement them.
中国证监会采用“实质重于形式”的原则来应用这些规则，使其在何时以及如何实施这些规则方面拥有自由裁量权。

A draft prospectus would normally disclose key risks to a company including those linked to its supply chain.
招股书草案通常会披露一家公司的主要风险，包括与其供应链相关的风险。

Shein has faced allegations from politicians and campaigners that its supply chain in China is linked to forced labour of Uyghur minorities in Xinjiang, a highly contentious issue for Beijing, which denies any abuses in the cotton-producing province.
此前，有政界人士和活动人士指控 Shein 在中国的供应链与新疆维吾尔族少数民族的强迫劳动有关。对于北京来说，这是一个极具争议的问题，北京否认在这个棉花产区存在任何虐待行为。

The U.S. has a ban in place on imports of products made using forced labour from Xinjiang, and Shein has said it does not allow its suppliers to use Chinese cotton in U.S.-bound products.
美国已经禁止进口使用新疆强迫劳动生产的产品，而 Shein 表示不允许其供应商在美国销售的产品中使用中国棉花。

Shein has said its supplier code of conduct prohibiting forced labour applies worldwide.
Shein 表示，其禁止强迫劳动的供应商行为准则适用于全球。