Analysis of the Reasons for Cross-Border Companies’ IPO Failures: A Case Study of Shein

Shuyuan Liu () and Tianyi Peng
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Shuyuan Liu: Monash University, Department of Accounting
Tianyi Peng: Monash University, Department of Accounting

A chapter in Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025), 2025, pp 436-444 from Springer

Abstract: Abstract From 2022 to 2024, the global IPO market experienced a significant decline due to escalating geopolitical tensions, environmental, social, and governance issues, as well as valuation pressures. Due to various challenges, Shein’s attempts to go public in the United States, United Kingdom, and Hong Kong have all failed. This article takes the failed IPO of Shein as a case study to analyse the multidimensional risks faced by cross-border companies in global IPOs. The research findings indicate that in the United States, geopolitical risks such as tariff policy adjustments directly harm supply chain interests; In the UK, environmental, social, and corporate governance issues (high carbon emissions and labour concerns) have raised concerns among regulators and investors; In Hong Kong, the contradiction between income growth and profit decline has led to valuation setbacks. Research shows that cross-border enterprises need to establish geopolitical resilience, deeply integrate environmental, social, and governance strategies, optimize dynamic valuation management, to manage the contradiction between global compliance and growth. Shein’s case provides a practical framework for emerging market enterprises to reduce political, environmental, and economic risks, while also offering a new perspective for academic research on risk management in cross-border enterprises.

Keywords: Cross-border companies; Geopolitical risks; ESG; IPO failure; Sustainable growth (search for similar items in EconPapers)
Date: 2025
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DOI: 10.2991/978-94-6463-874-5_51

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