Exclusive-Shein gains UK approval for London IPO, awaits China nod, sources say

0 3 minutes read

Exclusive Shein gains UK approval for London IPO awaits China nod.jpeg

Written by Jolly Chu and Helen Reed

Hong Kong/London (Reuters) – Fast retail stores on the Internet obtained approval from the British Financial Conduct Authority (FCA) for its initial public interpretation planned in London, according to two sources with the knowledge of the matter.

FCA approval is an important step forward in the Foundation Company in China to include a list in London after it has made papers to the British organizer last June.

But he will also have to face the market turmoil caused by US president Donald Trump by 145 % on Chinese goods and more strict rules on customs charges from customs duties to China to the United States

Shin, who sells $ 10 and $ 12 -dollar dresses in more than 150 countries, will need $ 66 billion in a round of recent donations in 2023, to secure approvals from Chinese organizers, especially the Chinese Securities Regulatory Committee (CSRC), at the London level.

One of the sources said that in recent weeks the company informed the social responsibility of FCA, but it has not yet happened in a green light from the regulator. They refused to call them because the information is still private.

Shin and FCA rejected the comment, while CSRC did not respond to a request for comment.

Shen, whose clothes are produced in thousands of factories mostly in China, last year, sought Beijing’s approval to move away in London, although the company has transferred its headquarters from Nanjing, China, to Singapore in 2022.

Sources said that the Shane files to CSRC make it subject to new listing rules in Beijing for Chinese companies that are traveling abroad.

She does not have a shein or run any manufacturing facilities, and instead it confiscates its products from about 5,800 contracts for third -party contracts in China, which exposes them to CSRC inclusion rules, a separate source previously said.

The source added that the rules are applied on the basis of “more material than the model”, which gives the discretionary authority to the social responsibility of Matthew in Matthew and how to implement them.

Shipping the majority of its products directly to the air shoppers in the air in the individual processing packages.

Under the CSRC rules, a group of powers such as the National Development and Reform Committee may participate, which oversees foreign holdings in local companies, the cybersecurity and other participation in approval of public subscription applications abroad.

“De minimum” issues

Shen, which was founded by China’s business leader, Sky Show, was initially aimed at moving away in London in the first half of this year, which depends on securing approvals from the organizers in both the United Kingdom and China, Reuters said in January.

However, its possibilities are under a cloud in recent months, as the Trump administration has moved to end the exemption of the “minimum” duty, which allows shipments of less than $ 800 with the introduction of customs duties to the United States and helped maintain low prices.

Last week, Trump signed an executive command that ends de Miminers for shipments from China and Hong Kong effective on May 2.

It can be forced to remove the procedure at high prices in the United States, and its largest market, although the change was widely expected and Shane sought adaptation by adding suppliers in Brazil and Turkey.

The sources said that the development, in addition to the turmoil in the market caused by the Trump tariff in China, could also delay the original public subscription schedule of the fast fashion group to the second half of the year.

In February, Reuters reported that Shein was to reduce its evaluation in a possible list to about 50 billion dollars, or nearly a quarter of the $ 66 billion evaluation achieved in raising $ 2 billion in donations in 2023.

The sources said that the evaluation of the public subscription in Shin will eventually depend on the impact of ending the minimum on his work. The amount to be raised in the public subscription is still unclear.

Trump’s trade war with China has sparked wider fears of inflation, which is refreshing and weakest consumer spending in the United States, which leads to the impact of retailers’ expectations, including Shin and its Chinese rival for commodities.

The fluctuations in the stock market last week make the prices very difficult, and have caused companies such as Swedish Fintech Klarna to stop plans to include them.

Last year, Shen turned her focus to the London list, and ended an attempt to subscribe to the public subscription in the United States after recovering from American legislators involved in alleged work practices in her supply chain in China.

Shen said that she has an absolute tolerance policy for forced work and child labor in her supply chain.

(I participated in the reports of Jolly Chu in Hong Kong and Helen Red in London;

2025-04-11 06:08:00

0 3 minutes read