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Shein mulls China return for Hong Kong listing after London IPO stalls Shein looks at moving back to China for Hong Kong listing after London IPO stalls
(32 minutes later)
Fast-fashion retailer considered £50bn float in London but has not received backing from Chinese authorities Fashion retailer considered £50bn float in London but has not received backing from Chinese authorities
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The online fast-fashion retailer Shein is understood to be considering moving its base back to China from Singapore in a move expected to pave the way for a Hong Kong listing rather than a UK one. The online fashion retailer Shein is understood to be considering moving its base back to China from Singapore to pave the way for a Hong Kong listing.
The business, which was founded in China and moved its headquarters to Singapore in 2022, had been considering a £50bn float in London after failing to win approval from regulators in the US for a New York flotation.The business, which was founded in China and moved its headquarters to Singapore in 2022, had been considering a £50bn float in London after failing to win approval from regulators in the US for a New York flotation.
However, Chinese authorities have not given the nod to a UK listing and the fast-fashion group has faced questions over conditions in its supply chain from campaigners, influential British MPs and investors. However, Chinese authorities have not given the nod to a UK listing and the fast-fashion group has faced questions about conditions in its supply chain from campaigners, influential British MPs and investors.
The company is subject to oversight by Chinese regulators despite being officially based in Singapore because the China Securities Regulatory Commission requires all firms with substantial links to the country to clear a review prior to listing shares anywhere in the world. Shein still makes most of its clothing in China. The company is subject to oversight by Chinese regulators despite being officially based in Singapore because the China Securities Regulatory Commission requires all companies with substantial links to the country to clear a review before listing shares anywhere in the world. Shein still makes most of its clothing in China.
It has consulted lawyers about setting up a parent company in mainland China, according to a Bloomberg report, indicating the company is now most likely to list in Hong Kong. It has consulted lawyers about setting up a parent company in mainland China, according to a Bloomberg report, indicating that the company is now most likely to list in Hong Kong.
The latest effort to secure a listing comes as prospects for growth at the company have been dampened by new restrictions on the import of low-value goods to the US, which are poised to tighten again next week after Shein and Temu, another online marketplace founded in China, were seen to have benefited from it at the cost of local retailers. The latest effort to secure a listing comes as prospects for growth at the company have been dampened by new restrictions on the import of low-value goods to the US. The restrictions are poised to be tightened again next week after Shein and Temu, another online marketplace founded in China, were seen to have benefited from them at the cost of local retailers.
In May the US revoked its de minimis exception for Chinese-made goods, under which parcels with a value of less than $800 (£600) shipped to individuals had been exempt from import tax. It recently announced plans to scrap the tax break for items from all countries next week. In May the US revoked its de minimis exception for Chinese-made goods, under which parcels with a value of less than $800 (£600) shipped to individuals were exempt from import tax. The US recently announced plans to scrap the tax break for items from all countries next week.
The EU said in February it would phase out its exemption on customs duties for low-value parcels and the UK chancellor, Rachel Reeves, has also said she is reviewing the country’s version of the rule.The EU said in February it would phase out its exemption on customs duties for low-value parcels and the UK chancellor, Rachel Reeves, has also said she is reviewing the country’s version of the rule.
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However, recent figures for the British market indicate rapid growth last year. Shein’s UK arm increased sales by about a third to more than £2bn last year, overtaking its British rival Boohoo and closing in on Asos, according to accounts filed at Companies House last week. The company said profits rose 56% to £38.2m last year, on which it paid £9.6m corporation tax. However, recent figures for the British market indicate rapid growth last year. Shein’s UK arm increased sales by about a third to more than £2bn, overtaking its British rival Boohoo and closing in on Asos, according to accounts filed at Companies House last week. Shein said profits rose 56% to £38.2m last year, on which it paid £9.6m corporation tax.
Shein declined to comment.Shein declined to comment.