Shein, a Chinese online fast fashion giant, is refueling its plans to list in the US this year, reported Reuters, citing sources familiar with the matter.
Chris Xu, the company’s founder, is also contemplating a change in citizenship to dodge China’s strict rules for IPOs abroad. He is eyeing a Singaporean citizenship, according to the report.
However, the fast fashion firm denied plans for an IPO or the founder’s intention to change his citizenship.
In December last year, the China Securities Regulatory Commission proposed a tightening of norms on Chinese companies listing offshore.
Shein had put its IPO plans on the back burner two years ago with rising conflict between the US and China.
Founded by Xu in 2008, Shein started with making low-cost wedding dresses and selling them overseas for a hefty profit. Over the years, it has broadened its offerings to sell all kinds of women’s fashion products.
See also: To Shein or not to Shein: the billion-dollar question facing every ecommerce player
Editing by Collin Furtado and Lorenzo Kyle Subdio
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