Shein Moves One Step Closer to Trading in London with Confidential IPO
Shein Moves One Step Closer to Trading in London with Confidential IPO
The company, accused of using slave labor, was unable to list on the NYSE
- Shein reportedly filed for a confidential IPO on the London Stock Exchange (LSE).
- The move comes after a failed attempt to list on the New York Stock Exchange (NYSE).
- The company faces several regulatory hurdles and a new U.K. government before trading.
Shein, the fast-fashion retailer, confidentially filed paperwork with Britain’s markets regulator, starting the process to list on the London Stock Exchange (LSE), according to Reuters. The news service quoted unnamed sources familiar with the matter.
Markets have speculated for weeks that Shein would file a bid for an initial public offering (IPO) on the LSE after the company’s plans to list in the United States fell apart last year amid widespread opposition from U.S. lawmakers.
While the sources cited have direct knowledge of the listing, they remain unnamed because they don’t have the authority to speak on the matter, and the Financial Conduct Authority (FCA)—Britain’s market regulator—declined to comment for a Reuters inquiry.
The move brings Shein one step closer to trading on the LSE, but it is still uncertain whether the company will move forward with a listing. One hurdle is gaining clearance from the China Securities Regulatory Commission (CSRC), according to the sources cited by Reuters.
Shein faced allegations of using slave labor in the past, which was where most of the opposition stemmed from the U.S. Congress. While Shein has moved its headquarters to Singapore to seemingly put some distance between itself and those claims, the company’s supply chains remain largely in China.
The National Retail Federation, a trade association for retailers, has repeatedly denied the company’s bid for membership in the group—creating a hurdle for the company’s credibility.
Shein’s executives have spent a lot of energy refuting claims that the company uses materials produced in China’s Xinjiang region, and those executives have previously said a listing is about improving transparency. Notably, the Securities and Exchange Commission (SEC) offered Shein a green light to list if it were to do so publicly, according to a Wall Street Journal article published in May.
If Shein does receive a green light from China’s regulator and the FCA, it would then take several weeks before Shein starts trading. There are political risks, too, and the United Kingdom has an upcoming election. However, the Labour Party is on track to gain seats in Britain’s July 4 election and has signaled support for a listing. In the meantime, markets must keep waiting.
Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater
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