The company has worked hard to address environmental, social and governance (ESG) concerns that have triggered regulatory investigations and fines in several countries, complicating previous attempts to list its shares. Many of those challenges remain and could weigh on its valuation after its stock market debut in Hong Kong in September. Efforts to list in New York and London drew criticism from politicians and investors over its environmental impact, labour standards and governance, and active regulatory investigations continue to cast a shadow over the Hong Kong flotation. Fast fashion under increased scrutiny Shein is under investigation by the European Commission and the US Federal Trade Commission. Previous probes resulted in fines in France over alleged fake discounts and in Italy over greenwashing as fast fashion comes under increased scrutiny from regulators.