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Time of India
3 days ago
- Business
- Time of India
China fashion retailer Shein to file confidentially for Hong Kong IPO in rare move, sources say
Shein aims to submit the filing confidentially as soon as this week, one of the sources said. A second source said the filing was expected to be made by Monday. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads China-founded fast-fashion retailer Shein plans to file a draft prospectus confidentially for its Hong Kong listing, marking a rare departure from the usual practice of companies making public filings of IPO documents, three sources with knowledge of the matter aims to submit the filing confidentially as soon as this week, one of the sources said. A second source said the filing was expected to be made by confidential filing , if approved, would represent a waiver of one of the main listing rules by the Hong Kong exchange for one of the world's most closely-watched IPO candidates, and possibly the largest in the city this year, two of the sources filing will come as the company, which sells low-priced apparel such as $5 dresses and $10 jeans in around 150 countries, makes its third attempt to go public, more than 18 months after it first filed for a U.S. IPO in late filings enable companies to keep vital operational and financial information under wraps for longer and allow them to go through the regulatory review process without public Kong's listing rules permit confidential filings for secondary listings by companies already listed on recognised overseas exchanges, such as the New York Stock Exchange or exchange could also waive or modify the publication requirements in a spinoff from an overseas listed parent upon application by a new applicant, the listing rules this practice is common for IPO applicants in the U.S., it remains relatively rare in Hong Kong, where high-profile IPOs have included Chinese tech giants Xiaomi and Meituan, which both filed publicly for their sources spoke to Reuters on the condition of anonymity as they were not authorised to speak to the founded by China-born entrepreneur Sky Xu, did not reply to a request for comment. The Hong Kong stock exchange declined to comment on individual including financials, related to Shein's IPO will remain undisclosed until the company passes a hearing with the Hong Kong stock exchange, which is the final step in the city's regulatory approval to that final step, Shein must secure an approval from the China Securities Regulatory Commission (CSRC) to go ahead with the Hong Kong IPO. It is not known if Shein has already secured a verbal nod from the Chinese securities CSRC did not respond to Reuters request for first reported last month, citing sources, that Shein was working towards a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese New York attempt also did not receive CSRC approval, Reuters previously confidential submission of the prospectus enables Hong Kong and mainland Chinese regulators to assess the IPO application, raise their questions to Shein and prepare it for regulatory approval privately, the sources regulators would be able to do that before public, including potential institutional investors', scrutiny of its application materials, including risk factors, they filing would come against the backdrop of Shein grappling with the knock-on impacts of the Sino-U.S. trade war after U.S. President Donald Trump ended duty-free treatment of ecommerce parcels and hiked tariffs on Chinese goods, hurting its business in the U.S., its biggest was valued at $66 billion during its pre-IPO fundraising round in 2023, down by a third from a funding round one year earlier. Its eventual IPO valuation will hinge on the impact of the tariff changes, sources have said.A Shein listing would help Hong Kong, which saw $12.8 billion worth of IPOs and second listings in the first half, re-establish its credibility as a global fundraising centre at a time of major volatility stoked by U.S. trade policy founded in mainland China in 2012, is hoping to succeed in Hong Kong after failed attempts to list in New York and then London, where Britain's financial regulator approved the will have to file with the CSRC within three working days after submitting its IPO application in Hong Kong, in line with Beijing's rules for Chinese firms seeking offshore shifted headquarters from China to Singapore in 2022 and does not own or operate any factories, but remains subject to Chinese IPO rules because its products are mostly made by a network of 7,000 third-party suppliers in China, sources have CSRC applies the rules on a "substance over form" basis, granting it discretion on when and how to implement them.A draft prospectus would normally disclose key risks to a company including those linked to its supply has faced allegations from politicians and campaigners that its supply chain in China is linked to forced labour of Uyghur minorities in Xinjiang, a highly contentious issue for Beijing, which denies any abuses in the cotton-producing U.S. has a ban in place on imports of products made using forced labour from Xinjiang, and Shein has said it does not allow its suppliers to use Chinese cotton in U.S.-bound has said its supplier code of conduct prohibiting forced labour applies worldwide.
Time of India
07-05-2025
- Business
- Time of India
US stocks nosedive after Fed keeps rates unchanged amid tariff uncertainty
US stock indexes saw a sharp decline after the Federal Reserve kept rates steady. Alphabet's shares significantly impacted Nasdaq. The Fed cited risks to inflation and unemployment goals. Traders anticipate a rate cut by July. Market awaits policy clues amidst trade tensions. Disney's stock rose, boosting the Dow. Trade discussions between the US and China are expected. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. stock indexes fell sharply following the Federal Reserve 's decision to hold rates steady, even as a steep decline in shares of Google-parent Alphabet weighed heavily on the Dow Jones was up 64.77 points or 0.16% to 40,893.77, down about 300 points from day's high, while the S&P 500 fell 20.73 points or 0.37% to 5,586.11, down about 30 points from peak, and the Nasdaq declined 155.13 points or 0.88% to 17,534.53, down over 100 points from the US Federal Reserve on Wednesday announced another rate cut pause and warned of higher risks to its inflation and unemployment goals in a likely reference to President Donald Trump's tariffsPolicymakers voted unanimously to hold the US central bank's key lending rate at between 4.25 percent and 4.50 percent, the Fed said in a are now roughly pricing in a rate cut by July, according to data compiled by LSEG, after a mixed-bag of earnings last week signaled a slowing U.S. economy and resilient labor from policymakers will be scrutinized for clues on how they plan to approach monetary policy easing this year, given the backdrop of President Donald Trump's criticism of the central bank and an uncertain trade environment."At the moment, the U.S. labor market is still strong and healthy... the Fed really has a lot of reasons to indicate that they are not likely to cut rates in the near term," said Nicholas Brooks, head of economic and investment research at ICG.A 6.4% fall in Alphabet's shares dragged on the tech-heavy Nasdaq, while the communication services sector weighed on the benchmark S&P 500.A report said iPhone-maker Apple was exploring the option of adding artificial-intelligence search options to its web browser, citing an executive. Apple's shares were trading at nearly two-week the flip side, a 10.5% jump in Walt Disney's stock after the streaming firm's quarterly results topped Street expectations boosted the three main indexes were higher in early morning trading, a day after Washington announced that representatives of the two countries would meet over the weekend in Switzerland for ice-breaker trade discussions following weeks of tit-for-tat tariffs between the United States and Trump administration has said potential deals with major trading partners are underway, but the markets are yet to see tangible results on that front."What markets really want to see is tariffs removed as quickly as possible on both sides... the longer this disruption and uncertainty continues, the more economic damage we'll see," Brooks said. Wall Street ended lower for the second straight session on Tuesday, but all three indexes have recouped declines logged since Trump's announcement of "Liberation Day" reciprocal tariffs on April dropped 2.2% as the ride-hailing company missed quarterly revenue expectations. CrowdStrike dropped 3.8%. The cybersecurity company reiterated its fiscal 2025 and 2026 forecasts and announced a plan to cut research firm Charles River Laboratories shot up 14.7% after it said it had reached an agreement with activist investor Elliott Investment Management and raised its 2025 earnings Networks fell 7% after its quarterly issues outnumbered decliners by a 1.92-to-1 ratio on the NYSE, and by a 1.24-to-1 ratio on the S&P 500 posted 11 new 52-week highs and eight new lows, while the Nasdaq Composite recorded 40 new highs and 66 new lows.
Economic Times
22-04-2025
- Business
- Economic Times
Wall Street ends sharply lower following Trump's anti-Powell tirade
Volume on U.S. exchanges was 13.89 billion shares, compared with the 18.87 billion average for the full session over the last 20 trading days. All three major indexes tumbled more than 2%, with big losses in the "Magnificent Seven" group of megacap growth stocks weighing heaviest on the tech-laden Nasdaq. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads NEW YORK: U.S. stocks suffered steep losses on Monday as U.S. President Donald Trump ramped up his attacks on Federal Reserve Chair Jerome Powell, prompting investors to worry about the central bank's independence even as they grapple with the effects of Trump's ongoing, erratic trade three major indexes tumbled more than 2%, with big losses in the "Magnificent Seven" group of megacap growth stocks weighing heaviest on the tech-laden S&P 500 closed 16% below its February 19 record closing high. If the bellwether index closes 20% below that all-time high, that will confirm the index has entered a bear escalated his criticism of Powell on Monday, saying the U.S. economy is headed for a slowdown "unless Mr. Too Late, a major loser, lowers interest rates NOW," in a bellicose Truth Social post which raised concerns over the Fed's autonomy."Countries that have an independent central bank grow faster, have lower inflation; they have better economic outcomes for their people," said Jed Ellerbroek, portfolio manager at Argent Capital Management in St. Louis. "And politicians trying to influence the Fed is a really bad idea, and it's very scary for the market."The Sino-U.S. trade rift deepened after Beijing warned other countries against striking deals with the United States at China's expense, adding fuel to the spiraling tariff war between the world's two largest economies."Companies are ... not sure how to respond, waiting for final answers from the United States about tariff rates," Ellerbroek added. "What makes it dispiriting, I think, is the fact that this is like self-inflicted; we're in this situation by choice, by this administration's choice."The Dow Jones Industrial Average fell 971.82 points, or 2.48%, to 38,170.41, the S&P 500 lost 124.50 points, or 2.36%, to 5,158.20 and the Nasdaq Composite lost 415.55 points, or 2.55%, to 15, 11 major sectors in the S&P 500 ended in negative territory, with consumer discretionary and tech suffering the biggest percentage earnings season shifts into higher gear this week with dozens of closely watched firms due to report. So far, of the 59 companies that have reported, 68% have beaten Wall Street expectations, according to LSEG of Thursday, analysts expect aggregate first-quarter S&P 500 earnings growth of 8.1%, year-on-year, down from the 12.2% growth projected at the beginning of the quarter, per earnings on the docket this week include Magnificent Seven members Tesla and Alphabet, and a host of high-profile industrials including Boeing, Northrop Grumman, Lockheed Martin and 3M. Artificial intelligence heavyweight Nvidia dropped 4.5% after Reuters reported that Huawei Technologies planned to begin mass shipments of an advanced AI chip to customers in China as early as next dropped 5.8% after Reuters reported that the production launch of its stripped-down version of the Model Y was gained 2.4% after a brokerage issues outnumbered advancers by a 4.76-to-1 ratio on the NYSE. There were 77 new highs and 180 new lows on the the Nasdaq, 1,205 stocks rose and 3,174 fell as declining issues outnumbered advancers by a 2.63-to-1 S&P 500 posted one new 52-week high and nine new lows while the Nasdaq Composite recorded 28 new highs and 184 new on U.S. exchanges was 13.89 billion shares, compared with the 18.87 billion average for the full session over the last 20 trading days.
