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South Wales Argus
10-07-2025
- Business
- South Wales Argus
MPs sound alarm over reports Shein is pushing UK listing rules to be relaxed
The cross-party Business and Trade Committee said it would be 'deeply concerned' by any changes to the disclosure requirements following reports that Shein had privately filed to list its shares on the Hong Kong stock exchange. It is thought the move was partly made in a bid to apply pressure on regulators to approve plans and water down disclosure rules to allow it to list on the London Stock Exchange (LSE), with Shein's bosses said to remain hopeful a UK flotation can be kept alive. In a letter to the Financial Conduct Authority (FCA), committee chairman Liam Byrne said: 'For the avoidance of doubt, I want to flag that the Committee would be deeply concerned by any watering down of disclosure requirements, especially in cases involving potential violations of international human rights standards. 'This would not only compromise the integrity of the UK's listing regime but could also risk reputational damage to the UK's financial markets and undermine investor confidence that the UK was determined to champion only the highest international labour standards, along with our allies in the United States and the European Union.' Shein has been looking to float on the LSE for more than a year, but has struggled to get the go-ahead from Chinese regulators for the move, including the China Securities Regulatory Commission. This is despite it reportedly securing approval for the listing from the FCA in March. If Shein launched an initial public offering (IPO) in the UK, it is widely thought to mark one of the biggest deals for the stock exchange in a decade. The Chinese-founded company, which is now based in Singapore, has disrupted the fast-fashion industry by shipping cheap clothes direct from factories in China to UK and US-based shoppers. However, its efforts to float on the public markets have faced a variety of obstacles, including political pressure in the UK over alleged supply chain and labour abuses. This is believed to be a key sticking point between UK and Chinese regulators failing to agree on appropriate language in the risk disclosure part of the listing prospectus. The Commons committee of MPs is asking the FCA to confirm whether it has been in talks over this matter and whether the disclosure risks are a 'material factor in any delay to Shein's listing'. It also wants to know what steps the FCA is taking to 'safeguard the robustness of disclosure standards in this and comparable cases'. The FCA has been contacted for comment.
Straits Times
10-07-2025
- Business
- Straits Times
Belgium warned over ‘tsunami' of packages from China
Sign up now: Get ST's newsletters delivered to your inbox The number of low-value parcels arriving in Belgium - a major gateway into the EU - tripled in 2024 to three million a day. BRUSSELS - A Belgian state watchdog has warned the country is drowning under a flood of small packages from China, as the EU grapples to control the influx. Belgium's Central Economic Council said the number of low-value parcels arriving had tripled in 2024 to three million a day. 'This is an explosive increase, and these packages come mainly from China,' the council said in a report seen on July 10 by AFP. 'This tsunami of packages submerging our country cannot be properly controlled with the current resources available to customs services and other competent inspection services.' The council urged the Belgian authorities to bolster its customs service and to press EU counterparts to speedily adopt measures to help control the influx of parcels. Belgium is one of the major gateways for such goods into the EU arriving through the mammoth port of Antwerp and its air freight hub of Liege. The EU in May said it was preparing to impose a €2 (S$3) flat fee on the billions of low-value packages that flood into the bloc each year, the great majority from China. Top stories Swipe. Select. Stay informed. Business S'pore to launch new grant for companies, expand support for workers amid US tariff uncertainties Singapore Spike in piracy, armed robbery cases in straits of Malacca and Singapore in first half of 2025 Singapore Singaporean fugitive nabbed and charged with drug trafficking, may face death penalty Singapore KTPH trials 'smart diapers' for adult patients to prevent skin conditions, relieve burden on nurses Sport World Aquatics C'ships Singapore 2025 declared open by President Tharman Shanmugaratnam World 'Do some homework': 6 key exchanges between US Senator Duckworth and S'pore envoy nominee Sinha Singapore Singapore launches centre to drive sustainable aviation in Asia-Pacific Multimedia 60 objects to mark SG60: Which is your favourite? The bloc's executive said e-commerce platforms would be expected to pay the levy per parcel. Last year, 4.6 billion such small packages entered the EU – more than 145 per second – with 91 per cent originating in China. The EU expects the numbers to rise. Platforms, including Chinese-founded Shein and Temu, are suspected by the EU of not doing enough to prevent the sale of products that do not meet European standards. The EU also fears that many of the products imported into the 27-country bloc are unsafe, counterfeit and potentially even dangerous to consumers. AFP
New Indian Express
10-07-2025
- Business
- New Indian Express
Belgium warned over 'tsunami' of packages from China
Brussels: A Belgian state watchdog has warned the country is drowning under a flood of small packages from China, as the EU grapples to control the influx. Belgium's Central Economic Council said the number of low-value parcels arriving had tripled last year to three million a day. "This is an explosive increase, and these packages come mainly from China," the council said in a report seen Thursday by AFP. "This tsunami of packages submerging our country cannot be properly controlled with the current resources available to customs services and other competent inspection services." The council urged the Belgian authorities to bolster its customs service and to press EU counterparts to speedily adopt measures to help control the influx of parcels. Belgium is one of the major gateways for such goods into the EU arriving through the mammoth port of Antwerp and its air freight hub of Liege. The EU in May said it was preparing to impose a two-euro ($2.25) flat fee on the billions of low-value packages that flood into the bloc each year, the great majority from China. The bloc's executive said e-commerce platforms would be expected to pay the levy per parcel. Last year, 4.6 billion such small packages entered the EU -- more than 145 per second -- with 91 percent originating in China. The EU expects the numbers to rise. Platforms, including Chinese-founded Shein and Temu, are suspected by the EU of not doing enough to prevent the sale of products that do not meet European standards. The EU also fears that many of the products imported into the 27-country bloc are unsafe, counterfeit and potentially even dangerous to consumers.
Leader Live
10-07-2025
- Business
- Leader Live
MPs sound alarm over reports Shein is pushing UK listing rules to be relaxed
The cross-party Business and Trade Committee said it would be 'deeply concerned' by any changes to the disclosure requirements following reports that Shein had privately filed to list its shares on the Hong Kong stock exchange. It is thought the move was partly made in a bid to apply pressure on regulators to approve plans and water down disclosure rules to allow it to list on the London Stock Exchange (LSE), with Shein's bosses said to remain hopeful a UK flotation can be kept alive. In a letter to the Financial Conduct Authority (FCA), committee chairman Liam Byrne said: 'For the avoidance of doubt, I want to flag that the Committee would be deeply concerned by any watering down of disclosure requirements, especially in cases involving potential violations of international human rights standards. 'This would not only compromise the integrity of the UK's listing regime but could also risk reputational damage to the UK's financial markets and undermine investor confidence that the UK was determined to champion only the highest international labour standards, along with our allies in the United States and the European Union.' Shein has been looking to float on the LSE for more than a year, but has struggled to get the go-ahead from Chinese regulators for the move, including the China Securities Regulatory Commission. This is despite it reportedly securing approval for the listing from the FCA in March. If Shein launched an initial public offering (IPO) in the UK, it is widely thought to mark one of the biggest deals for the stock exchange in a decade. The Chinese-founded company, which is now based in Singapore, has disrupted the fast-fashion industry by shipping cheap clothes direct from factories in China to UK and US-based shoppers. However, its efforts to float on the public markets have faced a variety of obstacles, including political pressure in the UK over alleged supply chain and labour abuses. This is believed to be a key sticking point between UK and Chinese regulators failing to agree on appropriate language in the risk disclosure part of the listing prospectus. The Commons committee of MPs is asking the FCA to confirm whether it has been in talks over this matter and whether the disclosure risks are a 'material factor in any delay to Shein's listing'. It also wants to know what steps the FCA is taking to 'safeguard the robustness of disclosure standards in this and comparable cases'. The FCA has been contacted for comment.
Rhyl Journal
10-07-2025
- Business
- Rhyl Journal
MPs sound alarm over reports Shein is pushing UK listing rules to be relaxed
The cross-party Business and Trade Committee said it would be 'deeply concerned' by any changes to the disclosure requirements following reports that Shein had privately filed to list its shares on the Hong Kong stock exchange. It is thought the move was partly made in a bid to apply pressure on regulators to approve plans and water down disclosure rules to allow it to list on the London Stock Exchange (LSE), with Shein's bosses said to remain hopeful a UK flotation can be kept alive. In a letter to the Financial Conduct Authority (FCA), committee chairman Liam Byrne said: 'For the avoidance of doubt, I want to flag that the Committee would be deeply concerned by any watering down of disclosure requirements, especially in cases involving potential violations of international human rights standards. 'This would not only compromise the integrity of the UK's listing regime but could also risk reputational damage to the UK's financial markets and undermine investor confidence that the UK was determined to champion only the highest international labour standards, along with our allies in the United States and the European Union.' Shein has been looking to float on the LSE for more than a year, but has struggled to get the go-ahead from Chinese regulators for the move, including the China Securities Regulatory Commission. This is despite it reportedly securing approval for the listing from the FCA in March. If Shein launched an initial public offering (IPO) in the UK, it is widely thought to mark one of the biggest deals for the stock exchange in a decade. The Chinese-founded company, which is now based in Singapore, has disrupted the fast-fashion industry by shipping cheap clothes direct from factories in China to UK and US-based shoppers. However, its efforts to float on the public markets have faced a variety of obstacles, including political pressure in the UK over alleged supply chain and labour abuses. This is believed to be a key sticking point between UK and Chinese regulators failing to agree on appropriate language in the risk disclosure part of the listing prospectus. The Commons committee of MPs is asking the FCA to confirm whether it has been in talks over this matter and whether the disclosure risks are a 'material factor in any delay to Shein's listing'. It also wants to know what steps the FCA is taking to 'safeguard the robustness of disclosure standards in this and comparable cases'. The FCA has been contacted for comment.
