We have been waiting for Shein to file for an IPO somewhere. According to Reuters, however, the filing appears already to have happened, in early June. It was done confidentially and in London.
It seems, Reuters writes, that Shein has “updated China’s securities regulator officially about its change of listing venue” but “has yet to receive a nod from the China Securities Regulatory Commission (CSRC).”
Two anonymous sources are quoted in the story, both of whom have said they are not authorized to speak on the matter. Spokesmen from Shein and the UK’s Financial Conduct Authority (FCA) have declined Reuters’ requests for comment.
If all necessary approvals are forthcoming, Shein’s IPO on the London Stock Exchange would still be preceded by four weeks of book building and price guidance. As Reuters points out, by then, the UK’s general election, scheduled for July 4, will be over – with, in all likelihood, the Tories out of power.
The traditional opposition party, Labour, has apparently met with Shein and supports its IPO. The other opposition party, Reform UK, which has been surging in the polls, is not of the same opinion. The Telegraph quotes Reforms’ leader, Nigel Farage, as follows: “They see an IPO for Shein and say, ‘Oh isn’t that marvellous because London needs it’. No, it doesn’t. It doesn’t at all. Saying no to Shein is not cutting off our nose to spite our face. It’s saying we think this is a very bad idea.”
