China’s Shein files for Hong Kong IPO to save London listing, FT reports
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The fast-fashion giant privately filed a draft prospectus for an initial public offering last week with Hong Kong’s exchange, the report said.
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Bengaluru – China-founded fast-fashion giant Shein has filed for a listing in Hong Kong to accelerate the listing process and pressure Britain’s regulators to approve its planned London debut, the Financial Times (FT) reported on July 8.
The company privately filed a draft prospectus for an initial public offering (IPO) last week with Hong Kong’s exchange and sought a regulatory nod from the China Securities Regulatory Commission (CSRC), the report said, citing people familiar with the matter.
Reuters could not immediately verify the report. Shein did not immediately respond to a Reuters request for comment.
The company filed for a Hong Kong listing partly to pressure the British regulator into easing its risk disclosure rules and to keep alive what could be London’s biggest IPO in years, the FT report added.
Reuters first reported in June that Shein was planning to file a draft prospectus confidentially for its Hong Kong listing, citing three sources with knowledge of the matter.
Reuters also reported in May, citing sources, that Shein was working towards a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese regulators.
If Britain’s Financial Conduct Authority is willing to accept a CSRC-approved prospectus, London would still be Shein’s preferred exchange, the FT report said, adding that chances were still slim, given that the regulators’ requirements were still wide apart. REUTERS
