In terms of supply chain risks, Xiyin emphasized that global suppliers must comply with the code prohibiting forced labor and denied the existence of misconduct related to Xinjiang. The company is adjusting its supply chain to deal with the U.S. mandatory labor control policy for Xinjiang products.
According to the latest regulatory system for listings in China, Xiyin must file with the China Securities Regulatory Commission (CSRC) within three working days after submitting the form. The "confidential statement delivery" model will delay Xiyin's key financial and risk disclosure time nodes.
At present, the Hong Kong Stock Exchange, Xiyin and the China Securities Regulatory Commission have not made any public statements on the relevant rumors.
Xiyin started in 2023, after she failed to submit listing applications in the United States and London, she will be determined by the third sprint on the capital market by this Hong Kong behavior.
Chinese online fast fashion retailer Shein will submit a draft listing application to the Hong Kong Stock Exchange in a non-public manner, breaking the Hong Kong Stock Exchange's traditional tradition of requiring the full disclosure of the initial public offering (IPO) prospectus. If approved, it will become the largest initial public offering in Hong Kong this year, and it will also become one of the few cases in the history of the Hong Kong Stock Exchange that have been approved for "confidential delivery".
According to Reuters, citing three people familiar with the matter, Xiyin intends to submit a confidential version of the prospectus within this week, and the Hong Kong Stock Exchange may exempt it from public disclosure obligations. This mechanism is relatively common in the US stock market, but is rare in Hong Kong, and is only specially approved by a few major listed players.
Xiyin's valuation at the time of financing before the initial public offering (pre-IPO) in 2023 was approximately US$66 billion (about S$84.1 billion), a decrease of about 30% from the previous year. The final IPO valuation will depend on the impact of tariff changes, the sources said.
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