Shein considers launching IPO in London instead of New York following U.S. scrutiny: report

by | Feb 27, 2024 | Stock Market

Fast-fashion giant Shein is reportedly exploring plans to pivot its upcoming IPO by listing in London instead of New York, in what would come as a major boost for the U.K.’s main stock market following a departure of significant listings over the previous year.  The Sino-Singaporean company first filed for a New York IPO in November 2023, but is now considering shifting the float to London, in seeking to avoid the heightened scrutiny it has faced in the U.S. over its operations in China, sources told Bloomberg. 

In February, Republican Senator Marco Rubio accused Shein of having submitted incomplete information in its IPO filing, as he called on the Securities and Exchange Commission (SEC)  to block the float unless the company makes “enhanced disclosures.”  Rubio’s calls followed the submission of a letter from a group of 22 bipartisan members of the U.S. House of Representatives in which they called on the SEC to probe allegations that Shein uses forced and underpaid labor in Xinjiang in its supply chains.   A new listing in the U.K. would come as a boost to the London Stock Exchange which has suffered over the past year from a series of companies either leaving Britain’s top bourse or instead avoiding the market entirely.  Shein, which is best known for selling ultra-cheap clothes including $2 bikinis, is reportedly aiming to achieve …

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[mwai_chat context=”Let’s have a discussion about this article:nnFast-fashion giant Shein is reportedly exploring plans to pivot its upcoming IPO by listing in London instead of New York, in what would come as a major boost for the U.K.’s main stock market following a departure of significant listings over the previous year.  The Sino-Singaporean company first filed for a New York IPO in November 2023, but is now considering shifting the float to London, in seeking to avoid the heightened scrutiny it has faced in the U.S. over its operations in China, sources told Bloomberg. 

In February, Republican Senator Marco Rubio accused Shein of having submitted incomplete information in its IPO filing, as he called on the Securities and Exchange Commission (SEC)  to block the float unless the company makes “enhanced disclosures.”  Rubio’s calls followed the submission of a letter from a group of 22 bipartisan members of the U.S. House of Representatives in which they called on the SEC to probe allegations that Shein uses forced and underpaid labor in Xinjiang in its supply chains.   A new listing in the U.K. would come as a boost to the London Stock Exchange which has suffered over the past year from a series of companies either leaving Britain’s top bourse or instead avoiding the market entirely.  Shein, which is best known for selling ultra-cheap clothes including $2 bikinis, is reportedly aiming to achieve …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

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