Photo credit: Melissa Goh / Tech in Asia
Fast-fashion company Shein is looking to go public on the London Stock Exchange, an offering that could value the company at around US$63.9 billion, the South China Morning Post reported, citing UK media. The company is reportedly aiming to raise US$1.3 billion from the IPO.
If the offering materializes, Shein could become the second-highest valued Chinese unicorn, behind ByteDance. Shein was similarly valued at US$64 billion in January 2023, down from its peak of US$100 billion in April 2022.
Due to rising US-China tensions, Shein reportedly moved its IPO plans from New York to London, the Financial Times reported last month, though the company’s executive chair Donald Tang declined to confirm the move at the time. This decision followed the firm moving its Nanjing, China headquarters to Singapore in 2021 for similar reasons.
It is unclear if the company needs approval from Chinese regulators for the IPO. New rules set by the China Securities Regulatory Commission require companies listing overseas to register their intent with the agency and get approval from the relevant regulators in their respective industries.
Shein serves customers in over 150 countries and has a large sourcing center in Guangzhou. It has appointed Goldman Sachs, JP Morgan, and Morgan Stanley as financial advisors.
See also: VNLife boss deems IPO ‘too complex’ for Vietnam-based firm
Editing by Putra Muskita and Lorenzo Kyle Subido
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