Shein is moving closer to a public listing in Hong Kong after submitting its draft prospectus on Sunday, signaling that the ultra-fast-fashion giant has passed the listing hearing. If successfully listed, Shein would become the largest cross-border e-commerce IPO in Hong Kong this year. Beyond apparel, which accounted for around 61 percent of net sales during the first quarter, Shein has been broadening its scope by expanding into categories including beauty, accessories and home. The model can keep inventory rates in the single digits, compared with an industry average of around 30 percent, claimed Shein. Earlier this month, China's securities regulator finally approved Shein's listing filings, allowing the company to issue up to 341.6 million overseas-listed ordinary shares on the Hong Kong Stock Exchange.