Shein advances in its exit to the London trading floor. The ultra-fast fashion giant has officially applied to the regulators of the London Stock Exchange for its public offering (IPO), according to Reuters. The company thus begins preparations to begin trading on the stock market, a move that it has been preparing since November.
The Singapore-based company would have done the application process confidentially, with the aim of not making public the information that it must provide to the authorities before jumping onto the stock market. In the event that the operation continues, Main estimates value the company at $66 billion so it would become one of the highest operations this year.
Shein has already officially informed the Chinese regulatory authorities, a mandatory step for any company in the country seeking to list in foreign markets. The government, however, has not yet given its approval.
Shein would go public on the London Stock Exchange after failing to obtain approval from the United States authorities to do the same in New York.
The information arrives shortly after the British press echoed possible difficulties that Shein was facing. The British fashion association, the British Fashion Council, warned of the consequences that this movement would have and questioned some of the company’s labor practices.
This is, in fact, Shein’s second attempt to jump onto a trading floor. The Asian giant officially began the procedures to list on the New York Stock Exchange, where it also filed for an IPO in November. The country’s regulators, however, have put obstacles in the way of the company since then, leading Shein to opt for the London trading floor.
The giant It is now awaiting the green light from both the China Securities Regulatory Commission (Csrc) and the United Kingdom Financial Authority.. Two movements that do not have a guaranteed yes. The executive president of Shein, Donald Tang, already assured in May that, despite the company’s efforts to change the perception of the country’s regulars about Shein and rule out possible control by the Chinese Government over the company, they “have not been sufficient.”
