As the online fast-fashion retailer goes on with what might be one of the largest initial public offerings (IPOs) globally this year, Shein reportedly secretly submitted documents with Britain's markets regulator in early June for a possible London listing, according to two sources.
Reuters reported in May, citing sources, that the China-founded business began interacting with its financial and legal experts to investigate a listing on the London Stock Exchange early this year. The company was valued at $66 billion in a financing round last year.
Shein's representative declined to comment. The UK markets regulator, the Financial Conduct Authority (FCA), did not immediately reply to a request for comment from Reuters.
Due to their lack of authorization to interact with the media, the two sources who are aware of the agreement chose not to be identified.
The exact date of Shein's planned initial public offering (IPO), which is well-known for its $5 tops and $10 dresses, is not immediately available.
According to the sources, Shein has formally informed China's securities regulator of its change of listing venue. One of them stated that the firm has not yet received approval from the China Securities Regulatory Commission (CSRC).
Upon Reuters' request for comment, the CSRC did not immediately provide a response.
According to Reuters, Shein's long-term strategy for a U.S. initial public offering (IPO) has encountered challenges both domestically and internationally.
The group approached the CSRC to request Beijing's approval in November after filing a confidential application for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, according to sources.
According to Reuters, the CSRC notified Shein early this year that because of the company's supply chain problems, the regulator would not advise a U.S. IPO.
(Source:www.reuters.com)
Reuters reported in May, citing sources, that the China-founded business began interacting with its financial and legal experts to investigate a listing on the London Stock Exchange early this year. The company was valued at $66 billion in a financing round last year.
Shein's representative declined to comment. The UK markets regulator, the Financial Conduct Authority (FCA), did not immediately reply to a request for comment from Reuters.
Due to their lack of authorization to interact with the media, the two sources who are aware of the agreement chose not to be identified.
The exact date of Shein's planned initial public offering (IPO), which is well-known for its $5 tops and $10 dresses, is not immediately available.
According to the sources, Shein has formally informed China's securities regulator of its change of listing venue. One of them stated that the firm has not yet received approval from the China Securities Regulatory Commission (CSRC).
Upon Reuters' request for comment, the CSRC did not immediately provide a response.
According to Reuters, Shein's long-term strategy for a U.S. initial public offering (IPO) has encountered challenges both domestically and internationally.
The group approached the CSRC to request Beijing's approval in November after filing a confidential application for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, according to sources.
According to Reuters, the CSRC notified Shein early this year that because of the company's supply chain problems, the regulator would not advise a U.S. IPO.
(Source:www.reuters.com)