Shein files for IPO in the United States, says agency

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With the company currently valued at more than $60 billion, Shein could become the most valuable Chinese company to go public in the US. Shein – investments – Pará de Minas – Itaúna Anna Lúcia Silva/Disclosure Shein, a Chinese online fashion retailer, filed for an initial public offering (IPO) in New York. The information is from the Reuters agency. According to the agency, Shein has already submitted the documents for the IPO to the authorities of the Securities and Exchange Commission (SEC), which regulates the US financial market. The prediction of the sources heard by Reuters is that the listing could happen in 2023. With the company currently valued at more than US$ 60 billion, Shein could become the most valuable Chinese company to go public in the US. The biggest Chinese IPO on the New York Stock Exchange was Didi. Listed in 2021, the company was worth US$ 68 billion after going public. The company delisted a year later amid Beijing’s crackdown on Chinese tech giants over antitrust and data security rules. Requested for comment by Reuters, a spokesman for Shein said the company “denies these rumours”. The SEC declined to comment. Taxation of foreign online retailers should come out in the next few days, says Haddad In Brazil Amidst controversy, Shein is expanding in the international market. Around here, the company announced in April that it would invest BRL 750 million in Brazil in the coming years to establish a network with thousands of manufacturers in the textile sector in the country. According to the Asian e-commerce giant, the idea of ​​the investment is to provide technology and training to these manufacturers so that they update their production models and adopt a format on demand from the company. The Asian company also announced a marketplace for products and sellers in Brazil, with the aim of “meeting customer demands for a greater variety of products and faster delivery”. Along with other Chinese retailers, Shein is at the center of a tax avoidance debate in which companies would be impersonating individuals to send international orders and the customer to receive them in Brazil without charging tax. The government is still discussing internally how it will tax retailers to adapt them to import rules.

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