The fast fashion giant Shein is about to be listed on the London Stock Exchange. At the beginning of June, the Chinese company has submitted the documents required for the listing to the UK’s financial regulator, reports the news agency Reuters based on information from its sources.
According to Reuters information, Shein had already started negotiations for a listing on the London Stock Exchange at the beginning of this year. The exact date of the initial public offering is not yet known. If realized, it would globally be one of the largest stock market listings of the current year.
Address changed
The Chinese giant, which has garnered criticism, previously sought a listing in New York, but then its eyes turned to London: the road to Wall Street turned out to be more tortuous than expected.
Trade magazine reported in May, that the reason behind the change of listing address is the tense situation of international politics. Although Shein moved its headquarters from China to Singapore a couple of years ago, the company still operates mainly in mainland China. For the Chinese state, letting a Chinese company onto Wall Street is a sore spot, and Shein is still waiting for the Chinese authorities’ blessing.
News agency Bloomberg by Shein’s IPO in London could cheer up Britain’s slumping IPO market. Last year, new IPOs in the UK raised only around one billion dollars in funds.