Chinese retailer Shein files for IPO in New York – Kommersant
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Chinese online retailer Shein has filed paperwork with the US Securities and Exchange Commission (SEC) to conduct an initial public offering of its shares. This is reported Reuters citing own sources. The company expects to conduct an IPO on the New York Stock Exchange before the end of this year.
If the IPO goes through, Shein will become one of the most expensive public Chinese companies to list its securities on one of the US exchanges. Now such is the taxi service Didi Global, which in 2021 raised $4.4 billion during the IPO and was valued at $68 billion. At the same time, Didi was forced to leave the New York Stock Exchange in June 2022 due to pressure from the Chinese authorities on technological giants of the country. Shein is now valued at over $60 billion.
Formerly a bipartisan group of U.S. Congressmen urged SEC to suspend preparations for Shein’s IPO. Congressmen feel it necessary to first make sure that Shein, which sells fashionable clothes around the world, does not use Uyghur forced labor.
Neither the SEC nor Shein comment on the upcoming IPO.
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