Shein files for Hong Kong IPO in hopes of salvaging London listing: FT report
On December 13, 2024, a shopping person carries bags with promotional products while visiting Manchester, fashion retailer Shein’s Christmas bus tour in Britain.
Temılade Adelaja | Reuters
According to the Financial Times, online fast fashion giant Shein, British regulators, applied to Hong Kong for the first public offering in Hong Kong to accelerate the long -standing listing targets.
Chinese, Singapore -based retailer, presented a special draft prospectus with the Hong Kong Exchange (HKEX) last week and told two sources familiar to the issue.
The HKEX, CSRC, the UK Financial Behavior Institution and the London Stock Exchange did not respond immediately to CNBC’s request for comments on reports.
Shein applied to listed in London 18 months ago, but he struggled to get the regulatory approval and reportedly shifted his focus to Hong Kong in May..
A London list was seen as a blessing for the approximately 17 -year -old Chinese company and provided access to an international legitimacy and a deep and mature pool of Western investors.
Nevertheless, Shein faced a war uphill in his listing targets, as he tried to shake the allegations on the use of forced run to produce his $ 5 T -shirts and $ 7 shoes. While he strongly rejected the allegations, Shein shifted his attention to London from the New York list after the US deputies continued with such problems last year.
This is an developing story. Please check again for updates.
