Shein reportedly files for Hong Kong IPO
This is according to sources for the Financial Times (FT), who said the China-founded, Singapore-based company had privately filed a draft prospectus with Hong Kong's exchange and was now seeking backing from the China Securities Regulatory Commission (CSRC).
Shein turned its attention to Hong Kong after failing to secure regulatory approval for a listing on the London Stock Exchange, for which it was said to have filed an IPO last year.
The company faced setbacks in the form of legal challenges and NGO concerns over the lack of transparency in its supply chain and accusations that it sourced cotton from China's Xinjiang region, where human rights abuses are believed to have occurred.
While the UK's Financial Conduct Authority (FCA) initially approved Shein's prospectus, the CSRC did not accept the listing due to stricter measures.
The FT said that London is still Shein's preferred exchange if the FCA would accept a CSRC-approved prospectus, however, the chances were said to be 'slim, given that the regulators' requirements were still wide apart'.
A dual or secondary listing could be considered, FT noted, if the UK watchdog would approve of the IPO in the event of Shein garnering backing from both the CSRC and Hong Kong Exchange (HKEX).
The FCA, HKEX and Shein all declined the FT's request to comment.
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