Shein secretly filed for a London listing this month
After months of speculation that Shein is launching on the London Stock Exchange, the company has secretly filed papers with the UK’s market regulators.
Earlier this month, the fast fashion retailer filed its listing, according to two Reuters’s sources. This means a potential London listing could happen before the end of the year.
The two sources declined to be named as they are not permitted to divulge information to the media.
Shein began to explore a listing on the London Stock Exchange back in May. The proposed listing by the company, which was founded in China and headquartered in Singapore, would be one of the largest deals for the London Stock Exchange in a decade.
The stock market float could value the Chinese e-commerce giant at around $66 billion (£51.6 billion).
Shein has declined to comment on anything related to a potential IPO.
The retailer had been in talks with both the US and UK over share listing plans, but has faced significant regulatory hurdles to secure a listing in New York. Last year, US legislators called for the firm to be investigated over allegations that Uighur forced labour was used in the production of some of its clothes.
The publication also revealed the British Fashion Council’s concerns over the float. The council said the listing was a "significant concern" to the industry and that "questions remain" about its business practices.
It is not clear when Shein plans to launch the IPO, however, it is yet to receive the go-ahead from the China Securities Regulatory Commission (CSRC), according to one of the sources.
Once Shein has secured the green light from the CSRC and the Financial Conduct Authority (FCA), it can publicly file an intention to float on the London Stock Exchange. This would commence a four-week process of book building and price guidance before admission to trading.
If the listing goes ahead, it's likely that Shein will have to deal with a new Government as the Labour Party continues its campaigning to take over the reigns from the Conservative Party for the first time in 14 years.
