Shein files for Hong Kong IPO in hopes of salvaging London listing: FT report

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A shopper carries bags with promotional merchandise portion visiting manner retailer Shein's Christmas autobus tour, successful Manchester, Britain, December 13, 2024. 

Temilade Adelaja | Reuters

Online accelerated manner elephantine Shein has confidentially filed for an archetypal nationalist offering successful Hong Kong successful a bid to use unit connected U.K. regulators and accelerate its agelong embattled listing ambitions, according to the Financial Times.

The Chinese-founded, Singapore-based retailer privately submitted a draught prospectus past week with the Hong Kong speech (HKEX) and courted the support of the China Securities Regulatory Commission (CSRC), 2 sources acquainted with the substance told the newspaper.

The HKEX, CSRC, U.K. Financial Conduct Authority and London Stock Exchange did not instantly respond to CNBC's petition for remark connected the reports.

Shein antecedently filed to database successful London astir 18 months prior, but has struggled to person regulatory support and successful May reportedly shifted its absorption to Hong Kong.

A London listing had been seen arsenic a boon for the astir 17-year-old Chinese-founded company, providing planetary legitimacy and entree to a heavy and mature excavation of Western investors.

Shein has nevertheless faced an uphill conflict successful its listing ambitions, arsenic it seeks to shingle allegations implicit the usage of forced labour to nutrient its $5 t-shirts and $7 shoes. While it vehemently denies the claims, Shein past twelvemonth shifted its attraction from a New York listing to London aft facing continued pushback connected specified issues from U.S. lawmakers.

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