00:00It's Benzinga, bringing Wall Street to Main Street.
00:02China approved Shane's long-delayed Hong Kong initial public offering,
00:07clearing the way for the fast fashion retailer to pursue a listing
00:10after unsuccessful attempts in New York and London.
00:13The approval follows a year-long wait for clearance from Beijing,
00:17which viewed the company as politically sensitive
00:19amid reports of labor practices and other controversies.
00:23Shane did not immediately comment on the IPO approval.
00:27Shine's valuation fell from as much as $100 billion in 2022
00:32to $66 billion in its May 2023 funding round
00:36as e-commerce growth slowed and opposition increased.
00:39The company could now seek a valuation of $40 billion
00:42to $50 billion in its Hong Kong IPO.
00:46For all things money, visit Benzinga.com.
