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Shein is reportedly considering the possibility of switching its initial public offering to London from New York in what could be one of London’s biggest ever IPOs, Bloomberg has reported.
According to reports, the fast-fashion company is in the early stages of exploring the London option in case US regulators block the option of a US flotation due to its ties to China.
The group reportedly “judged it unlikely” that the US Securities and Exchange Commission would approve its IPO, sources told Bloomberg.
According to Sky News, chancellor Jeremy Hunt has also held talks with Shein chairman Donald Tang in a bid to persuade the group to float in London instead of New York.
A meeting was reportedly held with Tang this month as part of British regulators’ and government officials’ efforts to convince it to list in the UK.
Insiders told Sky the men had held “productive” discussions about a London IPO amid signs its initial target of a New York flotation was faltering.
One source said if it proceeded, Shein could become the London Stock Exchange’s second-largest IPO in history, behind the 2011 stock market debut of Glencore International.
Shein has been contacted for comment.
