Latest news with #YinanZhu
Yahoo
08-07-2025
- Business
- Yahoo
Shein files for Hong Kong IPO to speed up London listing, FT reports
Fast fashion giant Shein has confidentially filed for an initial public offering (IPO) in Hong Kong, the Financial Times reported on Tuesday. The Chinese-founded, Singapore-based retailer privately filed a draft prospectus last week with Hong Kong's exchange (HKEX) and sought the blessing of the China Securities Regulatory Commission, according to two people with knowledge of the matter. The application is a means for Shein to increase pressure on UK regulators as it seeks approval for its London listing. The firm filed to list in the UK capital around 18 months ago, but has since struggled to obtain the green light. Chinese and UK regulators have notably failed to agree on the language included in the risk disclosure section of its prospectus, particularly where this relates to human rights abuses. Shein faces claims that it sources cotton from China's Xinjiang region, where the US and NGOs have accused the Chinese government of forced labour and human rights abuses targeting Uyghur US banned imports from the area in 2021. In January, Yinan Zhu, a senior lawyer representing Shein, refused to say whether the firm was using cotton from Xinjiang when questioned by UK lawmakers on the Business and Trade committee. Related Consumer groups lodge complaint about Shein's online nudging with EU Commission France hands Shein €40 million fine for deceptive commercial practices The UK's Financial Conduct Authority approved a version of Shein's prospectus earlier this year, but it wasn't accepted by the China Securities Regulatory Commission. Hong Kong's exchange is expected to be more flexible than its UK counterpart when it comes to risk descriptions, although FT sources noted that London would still be the preferred listing location. Shein had originally sought to list in New York, although changed its plans in response to significant political opposition in the US, linked to its labour practices as well as national security concerns. Financially, Shein's IPO would provide a boost to the London market that has seen a number of recent defections. Delisted firms include Just Eat Takeaway, Wise, Ashtead and Flutter Entertainment. According to data from Dealogic, IPO fundraising in the UK market fell to at least a 30-year low in the first half of this year. Euronews has reached out to Shein for further comment. Sign in to access your portfolio
Euronews
08-07-2025
- Business
- Euronews
Shein files for Hong Kong IPO to speed up London listing, FT reports
Fast fashion giant Shein has confidentially filed for an initial public offering (IPO) in Hong Kong, the Financial Times reported on Tuesday. The Chinese-founded, Singapore-based retailer privately filed a draft prospectus last week with Hong Kong's exchange (HKEX) and sought the blessing of the China Securities Regulatory Commission, according to two people with knowledge of the matter. The application is a means for Shein to increase pressure on UK regulators as it seeks approval for its London listing. The firm filed to list in the UK capital around 18 months ago, but has since struggled to obtain the green light. Chinese and UK regulators have notably failed to agree on the language included in the risk disclosure section of its prospectus, particularly where this relates to human rights abuses. Shein faces claims that it sources cotton from China's Xinjiang region, where the US and NGOs have accused the Chinese government of forced labour and human rights abuses targeting Uyghur US banned imports from the area in 2021. In January, Yinan Zhu, a senior lawyer representing Shein, refused to say whether the firm was using cotton from Xinjiang when questioned by UK lawmakers on the Business and Trade committee. The UK's Financial Conduct Authority approved a version of Shein's prospectus earlier this year, but it wasn't accepted by the China Securities Regulatory Commission. Hong Kong's exchange is expected to be more flexible than its UK counterpart when it comes to risk descriptions, although FT sources noted that London would still be the preferred listing location. Shein had originally sought to list in New York, although changed its plans in response to significant political opposition in the US, linked to its labour practices as well as national security concerns. Financially, Shein's IPO would provide a boost to the London market that has seen a number of recent defections. Delisted firms include Just Eat Takeaway, Wise, Ashtead and Flutter Entertainment. According to data from Dealogic, IPO fundraising in the UK market fell to at least a 30-year low in the first half of this year. Euronews has reached out to Shein for further comment.
Daily Mail
28-05-2025
- Business
- Daily Mail
No silk road for Shein float: Labour's big kowtow to Beijing has failed, says ALEX BRUMMER
The London listing for Chinese fast fashion group Shein effectively died in January. The decision to send the group's general counsel Yinan Zhu into bat before Parliament's business and trade select committee was a howler. MPs may be a bit short of business and City acumen, but they could see a dud. Labour chairman Liam Byrne noted at the time: 'You've given us zero confidence in the integrity of your supply chains.' A Shein listing in London in the first half of this year was always going to be contentious. It is alleged that the cotton in garments comes from Xinjiang, home to an oppressed Uyghur minority. Due to the enthusiasm of the Labour government and London listing authorities to bring the shares of a tech-savvy textile group to the UK – in a possible £36billion offer – niceties were overlooked. The reality is that permission for the overseas listing from the state-controlled China Securities Regulatory Commission was not forthcoming. A Hong Kong float is now the front-runner with Beijing unlikely to object to a share sale in a territory where it is in full control. Donald Trump's trade wars have not helped. The Americans proposed a de minimis tariff of 150 per cent on small parcels from China, subsequently slashed to 54 per cent. In April, Chancellor Rachel Reeves announced a review of tax-free small packages with a value of less than £135. The switch to Hong Kong is another setback for the London Stock Exchange, which is losing out to New York and Amsterdam for initial public offerings. It is also a jolt to Labour's tilt towards China. A January trade trip to Beijing, led by the Chancellor, delivered a modest return of just £600million over five years – negligible in terms of UK trade in the Pacific. It was also an opportunity to press the case for Shein coming to London. The kowtow failed. Silver surfer Among the most striking figures in global finance, Christine Lagarde is never short of ambition. The former French finance minister, who served under president Nicolas Sarkozy, has never been held back by a conviction for 'negligence' in office in 2016. In 2019 Lagarde stepped down as managing director of the International Monetary Fund two years early, after she was drafted to become president of the European Central Bank (ECB). She has steered it through the Covid pandemic and Russia's war on Ukraine, when inflation peaked at 10.6 per cent in November 2022. Under her, Europe's inflation rate has come down to 2.6 per cent as the eurozone's biggest economies, Germany, France and Italy stagnated. The ECB has been more aggressive than its Western counterparts in lowering interest rates from a post-Ukraine peak of 4.5 per cent to 2.5 per cent. The 69-year-old central banker could be on the move again before her term expires in 2027. The founder and former head of the Davos World Economic Forum, Klaus Schwab, who is under investigation for alleged misconduct (which he denies) has said Lagarde has been tapped up to be Davos chairman. Practical arrangements have been made, including an apartment in Switzerland. Lagarde has reportedly told colleagues that she will not leave until inflation has returned to the ECB's 2 per cent target. The disclosure will kick off manoeuvres among Europe's kingpin economic leaders. France is never short of candidates when it comes to rippling muscles on the global stage. Sunshine state French political sage Montesquieu came up with the idea that climate determines political systems. Rachel Reeves should take note and hope that the sun continues to shine. DIY retailer Kingfisher, owner of B&Q, Screwfix and Castorama in France, enjoyed sales in the UK surging 5.9 per cent in the three months to April. Market researcher Kantar reports sales of barbecue meats soared by 27 per cent in the four weeks to April. Potato salad, coleslaw and sunscreen flew off the shelves. Most grocers, except for private equity-owned Asda, gained market share. If this carries on, consumers may well soothe the Chancellor's growth troubles.
Reuters
03-03-2025
- Business
- Reuters
UK lawmakers push for stronger regulation on forced labour in supply chains
LONDON, March 3 (Reuters) - Britain must strengthen its safeguards against forced labour in supply chains to avoid the country becoming a dumping ground for products banned in other markets, lawmakers said in an report on Monday. Lawmakers on the cross-party Business and Trade Committee called on ministers to update Britain's modern slavery legislation, penalise companies that fail to publish modern slavery statements, and consider creating a criminal offence around forced labour in supply chains. "The UK is at serious risk of becoming a 'dumping ground' for products made with forced labour if it does not keep up with our global partners on legislative reforms to tackle modern slavery," the report said. The United States has forced labour legislation in place banning products made in China's Xinjiang region, and European Union forced labour regulation will come into effect in December 2027. The U.S. government and non-governmental organisations accuse China of forced labour and human rights abuses targeting Uyghur people in Xinjiang, allegations Beijing denies. Lawmakers interviewed representatives from online fast-fashion retailer Shein, which aims to list in London this year, and online marketplace Temu as part of their inquiry, as both platforms face allegations their products contain cotton from Xinjiang. Shein's general counsel for Europe, the Middle East and Africa, Yinan Zhu, dodged lawmakers' questions in January about the source of cotton in products shipped to the UK, and this refusal to reply was "a source of extreme concern", the report said. In subsequent written replies to the committee's questions, Zhu said Shein does not allow Chinese cotton in products sold in the U.S., and that there is no legal restriction in Britain on the origin of cotton, but in practice there is overlap between the products Shein sells in both countries. Shein, which sells in 150 markets worldwide, says it has a zero-tolerance policy on forced labour. Temu has also said it strictly prohibits forced labour.
The Guardian
26-02-2025
- Business
- The Guardian
Shein found two cases of child labour at suppliers in 2024, firm tells UK MPs
Shein found two cases of child labour at its suppliers last year after audits of its mostly China-based third-party manufacturers, the company has told British MPs. The disclosure by the online fast-fashion retailer, which is planning an initial public offering in London, came in response to questions from a parliamentary committee. The figure, which is the same as in 2023, was disclosed in a letter that Yinan Zhu, Shein's general counsel for Europe, the Middle East and Africa, wrote to MPs earlier this month, and which was published on Tuesday. Shein has faced allegations of worker abuses in its supply chain, and the cross-party business and trade committee questioned Zhu in person in January, following up with letters asking for additional information. Zhu refused to reassure the committee at the hearing that its products did not include cotton produced in the Xinjiang region of China, which has been linked to forced Uyghur labour, prompting one MP to accuse him of 'wilful ignorance'. In his letter, Zhu said one of the incidents had involved a child aged 11 years and eight months, whom the audit found had spent time during the summer holiday at a factory where her father was the general manager and her mother worked, and 'helped with tasks'. 'Nonetheless, and irrespective of these details, we took the issue extremely seriously, including designating the incident as child labour and immediately terminating our relationship with the supplier,' Zhu said in the letter. The second case involved a child aged 15 years and three months, he said. Zhu also gave the ages of the children Shein previously said it had found working at suppliers in 2023 as 15 years and 11 months, and 15 years and nine months. Shein conducted about 4,300 audits covering about 317,000 workers in 2024, up from 4,000 audits covering 285,000 workers in 2023, according to the letter. 'We take a strict zero tolerance approach to child labour,' Zhu wrote. 'We will continue to work tirelessly to ensure that these isolated cases are removed from our supply chain entirely in future, bringing our network of third-party suppliers globally, including in China, Brazil and Turkey, along with us.' The latest concerns about conditions in Shein's supply chain emerged after reports that the retailer was under pressure to cut the valuation for its planned flotation to $30bn (£24bn), well below the $64bn-plus it had previously hoped for. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The mooted listing, which is still awaiting clearance from the UK and Chinese authorities but is seen as a potentially important win for the London Stock Exchange, is now expected to be delayed until the latter part of this year. Aside from concerns about working conditions in the supply chain, the business is facing difficulties in the US, where Donald Trump's administration is poised to remove the $800 'de minimus' rule which has helped Shein post goods to shoppers without import tax. The company has also faced increased competition from the likes of Temu with sales increasing by 19% to $38bn last year, lower than the hoped for $45bn, the Financial Times reported. Net profit reportedly dropped by almost 40% to $1bn. Reuters contributed to this report
