China's Cyberspace Administration (CAC) is conducting a cybersecurity review of Shein, a popular fashion retailer, scrutinizing its data management practices for partners, suppliers, and staff within China. The CAC is also assessing Shein's ability to prevent unauthorized overseas access to sensitive data. The review may impact Shein's U.S. IPO plans, adding complexity to its efforts as it seeks approval from Beijing for the listing. The investigation raises concerns about potential disclosure of Chinese data to U.S. regulators as part of the IPO process. With the CAC's expanded authority, a prolonged review process could lead to IPO delays or even abandonment if significant issues are identified, echoing previous obstacles for Chinese tech firms seeking overseas listings. Shein, valued at $66 billion in May, filed its IPO plans with Chinese regulators in November.