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Tuesday, July 23, 2024

Shein, China’s $60 billion fashion retailer, files for an IPO in the US: Report

<p>Shein, a $60 billion Chinese online apparel retailer that is being investigated by American politicians for its labor policies, has filed with authorities for an initial public offering in New York, according to individuals with knowledge of the situation.</p>
<p>Shein may become the most valuable Chinese firm to list on the American stock market since Didi Global, the world’s largest ride-hailing company, debuted in New York in 2021 with a value of $68 billion thanks to the stock market debut.<img decoding=”async” class=”alignnone wp-image-47053″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/06/www.theindiaprint.com-shein-chinas-60-billion-fashion-retailer-files-for-an-ipo-in-the-us-report-lynxmpej5s0nx-l-750×563.jpg” alt=”” width=”1480″ height=”1111″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/06/www.theindiaprint.com-shein-chinas-60-billion-fashion-retailer-files-for-an-ipo-in-the-us-report-lynxmpej5s0nx-l-750×563.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/06/www.theindiaprint.com-shein-chinas-60-billion-fashion-retailer-files-for-an-ipo-in-the-us-report-lynxmpej5s0nx-l-768×576.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/06/www.theindiaprint.com-shein-chinas-60-billion-fashion-retailer-files-for-an-ipo-in-the-us-report-lynxmpej5s0nx-l-150×113.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/06/www.theindiaprint.com-shein-chinas-60-billion-fashion-retailer-files-for-an-ipo-in-the-us-report-lynxmpej5s0nx-l.jpg 800w” sizes=”(max-width: 1480px) 100vw, 1480px” /></p>
<p>A year later, Didi was removed from the New York Stock Exchange due to Beijing’s enforcement of antitrust and data security laws against Chinese internet firms.</p>
<p>According to the sources, Shein has secretly filed its IPO registration with the U.S. Securities and Exchange Commission (SEC). The sources also indicated that the stock market debut may occur before the end of 2023.</p>
<p>The sources asked to remain anonymous since the information is private.</p>
<p>By email, a Shein representative said that the corporation “denies these rumors.” An inquiry for further information was not immediately answered by the spokeswoman. The SEC chose not to respond.</p>
<p>Shein is overcoming heightened tensions between the United States and China over trade, sensitive technology, human rights, and the future of Taiwan by moving through with its IPO ambitions.</p>
<p>Two dozen U.S. politicians from both parties have requested the SEC to check the company’s use of forced labor before approving its New York listing because they oppose its IPO.</p>
<p>Shein has said that it conforms to ethical sourcing guidelines and has refuted claims that it exports from China’s Xinjiang area, where resources like cotton are often the result of forced labor by the Uyghurs, an ethnic group that is mostly Muslim. For this reason, the United States prohibits exports from Xinjiang.</p>
<p>Additionally, American politicians want to limit the “de minimise” duty exemption, which is often utilized by e-commerce companies like Shein to ship products from China to the US. Shein was charged with abusing the exemption to evade taxes and import goods that were created unlawfully in an April federal brief.</p>
<p>In a $2 billion private funding round in March, Shein was valued at more than $60 billion. Among its backers are General Atlantic, Mubadala, Tiger Global, and Sequoia Capital China.</p>
<p>Shein has been considering an IPO in the United States for at least three years, but has been thwarted by obstacles such as American monitoring of Chinese accounting methods and market turbulence brought on by the COVID-19 outbreak and Russia’s conflict in Ukraine.</p>
<p>Chris Xu, the company’s founder, relocated the company’s headquarters from Nanjing, the capital of China’s eastern Jiangsu province, to Singapore more than a year ago. This let Shein get around China’s strict new regulations on foreign listings.</p>
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