Shein registers for IPO in the US, says agency – 06/29/2023 – Market

Shein, a Chinese online fashion retailer valued at more than $60 billion that has come under scrutiny from U.S. lawmakers over its labor practices, has filed with regulators for an initial public offering (IPO) in New York, sources familiar with the matter said.

The stock market debut could make Shein the most valuable Chinese company to go public in the United States since giant Didi Global, listed in New York in 2021 with a valuation of $68 billion.

Didi was delisted a year later due to Beijing’s crackdown on China’s tech giants over antitrust and data security rules.

Shein has confidentially submitted its IPO filing to the Securities and Exchange Commission (SEC), according to the sources. A stock market debut could come before the end of 2023, said the sources, who requested anonymity.

A spokesman for Shein said by email that the company “denies these rumors” and did not immediately respond to a request for more details. The SEC declined to comment.

Shein has been considering a U.S. IPO for at least three years but has been put off by hurdles including scrutiny by U.S. authorities of Chinese accounting practices and periods of market volatility caused by the Covid-19 pandemic and war in Ukraine.