{"id":33241,"title":"Shein filed for London listing early in June, according to sources","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2024-06-25T04:22:30+00:00","modified":"2024-06-25T04:22:30+00:00","canonical_url":"https://stockmark.it/shein-filed-for-london-listing-early-in-june-according-to-sources/","markdown_url":"https://stockmark.it/shein-filed-for-london-listing-early-in-june-according-to-sources.md","json_url":"https://stockmark.it/shein-filed-for-london-listing-early-in-june-according-to-sources.json","category":"Business","categories":["Business","Retail"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.stockmark-news-51.jpg?fit=1200%2C500&quality=89&ssl=1","format":"news","language":"en-GB","content":"Shein, according to sources, filed confidential papers with Britain’s market regulator early in June. This started the process of a possible London listing for the online fast fashion retailer later this year.\n\nReuters reported May that the China-founded firm, valued at $66bn during a fundraising round, had begun exploring a listing on London Stock Exchange. Shein’s initial plan to list on the New York Stock Exchange was thwarted by US legislators.\n\nBoth a Shein spokesperson and a Financial Conduct Authority spokesperson (FCA) declined to comment.\n\nThe sources who were aware of the deal declined to name themselves as they weren’t authorised to talk to the media.\n\nShein, a company known for its $5 tops, $10 dresses and $10 skirts, has not yet announced the date of their initial public offering.\n\nShein informed China’s securities regulator about its new listing venue. One of the sources said that Shein has not yet received approval from China Securities Regulatory Commission.\n\nThe CSRC didn’t immediately respond to a Reuters comment request.\n\nThe FCA typically takes up to two months to review and make a decision on clearance.\n\nShein could file a public intention to float at the London Stock Exchange if both the FCA AND CSRC gave their approval.\n\nThis would start a four-week book-building and price guidance process before trading.\n\nShein will have to deal almost certainly with a new administration if it decides to go ahead with the UK listing.\n\nLabour met Shein representatives, and expressed its support to the potential London listing. This would be a boon for a UK marketplace that has seen many high-profile companies opt for other venues.\n\nSome senior MPs, however, have questioned Shein’s suitability, and demanded greater scrutiny over its labour practices and supply chain, as well as the use of an exemption from import taxes.\n\nShein said that it invests in governance and compliance throughout its supply chain, and that duty-free treatment for low-value packages is not crucial to its success.\n\nShein’s London filing represents a departure from its longstanding US IPO plans, which have run into obstacles both at home and abroad. Reuters reported this.\n\nSources have confirmed that the group filed a confidential IPO application with the US Securities and Exchange Commission (SEC) in November and approached CSRC in the same month to ask Beijing for its approval.\n\nReuters reported that earlier this year, the CSRC informed Shein of its decision not to recommend a US IPO because of the supply chain problems at the company."}