"Chinese Fashion Giant Shein Finally Moves to London... IPO Within Months"

Chinese fast fashion company Shein, which had been pursuing a listing on the New York Stock Exchange, is reportedly planning to go public (IPO) in London within a few months.

[Image source=Reuters Yonhap News]

Major foreign media outlets reported on the 16th (local time), citing multiple sources, that Shein has started prioritizing a listing on the London Stock Exchange. Due to ongoing US-China tensions and the low likelihood of IPO approval by US authorities, Shein has been considering Plan B options such as London, Hong Kong, and Singapore since early this year. Sources said that Shein's founder, Sky Wu (Xu Yangtian), "has a strong desire to go public as soon as possible" and is shifting focus to the London Stock Exchange.

Known as the "Chinese Uniqlo," Shein rapidly grew during the pandemic by targeting customers sensitive to SNS trends, offering about 6,000 items daily at prices cheaper than competitors. Although it applied for an IPO with US authorities last November and was considered a major candidate this year, concerns over possible ties to the Chinese Communist Party have made the listing appear difficult. In US political circles, allegations have also been raised that Shein used cotton produced by forced labor in Xinjiang, China, to maintain ultra-low prices.

However, Donald Tang, chairman of Shein, did not confirm the London Stock Exchange listing in an interview with this media outlet. In response to related questions, he said, "We want to consider all options," and "Nothing has been decided." Tang explained that while progress has been made in changing the perception that Shein, headquartered in Singapore, is controlled by China, it is still not enough to persuade the US Congress.

Shein's listing is expected to be a positive development for the London Stock Exchange. Shein's corporate value was estimated at about $66 billion in its most recent funding round. The media noted that there have been no high-profile IPOs on the London Stock Exchange in recent years, citing semiconductor design company ARM, headquartered in Cambridge, which chose to list in New York instead of London, and reported that "this will be a coup for the London Stock Exchange, which has been losing listings to the New York Stock Exchange and Nasdaq."

This content was produced with the assistance of AI translation services.