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Shein is reportedly ramping up its move towards a London IPO after its attempt to float in New York faced regulatory hurdles, sources have told Reuters.One source told Reuters that Shein now plans to update China’s securities regulator on changing the IPO venue and file with the London Stock Exchange as early as this month.
According to previous reports, the fast-fashion company started exploring the London option earlier this year in case US regulators blocked the option of a US flotation due to its ties to China.
The China-founded company has reportedly approached London-based fund managers for introductory meetings ahead of the planned float, another source told Reuters this week.
Sources added that Shein confidentially filed for an IPO with the US Securities and Exchange Commission last November, and approached the CSRC to seek approval for the move in the same month.
While a potential US IPO is still officially on the table, Shein is still said to be struggling to clear regulatory hurdles both in the US and China.
Shein has been contacted for comment.
