Shein files confidential London IPO paperwork amid possible listing

Shein confidentially filed paperwork to launch its £50bn IPO in London earlier this month, sources have told Reuters and CNBC, despite recent rumours that the float could be scrapped amid pressure from Chinese officials. According to sources, it is “not immediately clear” when Shein plans to launch the IPO. However, the fast-fashion retailer has reportedly updated China's securities regulator officially about its change of listing venue. The company is yet to receive a green light from the China Securities Regulatory Commission (CSRC), one of the sources added. With approval from both the FCA and CSRC, Shein would be able to publicly file an intention to float on the London Stock Exchange. The latest development comes despite reports this week that Shein could ditch plans for its float in London amid growing concerns in China over how the retailer is portrayed in the UK. According to The Mail on Sunday, criticisms of Shein rattled high-ranking officials in the Chinese government. The criticisms were said to have come from politicians, the press, other retailers and investors. The retailer has previously been criticised for using suppliers who exploit low-paid garment workers. While the group is based in Singapore, its pieces are manufactured in China and as a result, it needs approval from Beijing regulators to list its shares in London. A source told the Mail that Beijing authorities might apply pressure on Shein to list in Hong Kong instead of London. Earlier this month, it was reported that Shein was eyeing a London flotation that would value the fast-fashion company at £50bn. According to Sky News, the company planned to file a prospectus with the Financial Conduct Authority for approval ahead of the potential float. Last month, it was reported that Shein was ramping up its move towards a London IPO after its attempt to float in New York faced regulatory hurdles. One source said that Shein planned to update China's securities regulator on changing the IPO venue and file with the London Stock Exchange. According to previous reports, the fast-fashion company started exploring the London option earlier this year in case US regulators blocked the option of a US flotation due to its ties to China. Shein and the FCA have been contacted for comment.

Shein files confidential London IPO paperwork amid possible listing

The fast-fashion retailer has reportedly updated China's securities regulator officially about its change of listing venue

Check out our free weekly podcast

Read Next

Nike FY revenues inch up 1% to $51.4bn

Shoe Zone subject of cyber attack

Quiz renews bank facility amid weakened UK sales

John Lewis unveils new circular design collection

Peak Performance to open first UK store in Covent Garden

Nike FY revenues inch up 1% to $51.4bn

Shoe Zone subject of cyber attack

Quiz renews bank facility amid weakened UK sales

John Lewis unveils new circular design collection

Peak Performance to open first UK store in Covent Garden

Today’s news in brief-28/6/24

Superdrug opens largest UK store at Westfield Stratford

From uncertainty to stability: strengthening food and beverage supply chains with PLM

Boots sees 13th straight quarter of market share growth

Tesco agrees retail media partnership with advertising giant GroupM

Music Magpie revenues fall amidst competitive second-hand market

Check out our free weekly podcast

Read Next

Nike FY revenues inch up 1% to $51.4bn

Shoe Zone subject of cyber attack

Quiz renews bank facility amid weakened UK sales

John Lewis unveils new circular design collection

Peak Performance to open first UK store in Covent Garden

Related Articles

Today’s news in brief-28/6/24

Superdrug opens largest UK store at Westfield Stratford

From uncertainty to stability: strengthening food and beverage supply chains with PLM

Boots sees 13th straight quarter of market share growth

Tesco agrees retail media partnership with advertising giant GroupM

Music Magpie revenues fall amidst competitive second-hand market