Shein has reportedly filed for an initial public offering (IPO) in Hong Kong as it puts pressure on UK regulators to approve its London listing.
The Chinese fast-fashion retailer is said to have filed a draft prospectus for an IPO last week, according to the Financial Times.
The publication also reported that the filing was partly to pressure UK regulators into easing risk disclosure rules and keep the possibility of one of London’s biggest-ever IPOs.
News of a confidential filing of a draft prospectus was raised by Reuters in June, with Hong Kong chosen after a proposed London IPO failed to get approved by Chinese regulators. However, the Financial Conduct Authority did give it the go-ahead back in March.
Shein has been looking to float on the London Stock Exchange for over a year but concerns around its supply chain and legal risks have kept it on the back burner.
Sources told the Financial Times that if the UK’s FCA approves the China Securities Regulatory Commission’s version of its prospectus, then London is more favourable to Shein.
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