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The company became a publicly traded company in 2021, after delaying its original IPO in 2019 due to unstable market conditions.

The IPO and subsequent stock sales raised hundreds of millions of dollars, but little of the money went toward additional trials on Zolgensma, an analysis by KEI, the public advocacy group, concluded.

The IPO said it was experiencing a large, "though temporary" increase in caseloads, which had delayed hearings.

"If Shein can successfully achieve an IPO then it means they are recognised as a decent company. But if they are to keep the confidence of investors, they have to take some responsibility."

A so-called “IPO ratchet” protected participants by guaranteeing them more shares should the company’s IPO price decline below its funding-round valuation.