Financial Times reported that Shein's listing plans are being undermined by tensions between China and the US, and the online fast fashion giant may turn towards a London listing in the coming months. Shein's executive chairman, Donald Tang, said progress has been made in changing the market's perception of Shein as being controlled by China, but it has not been enough to win support from American congress members.
However, Tang declined to confirm the company's decision to switch its listing to London, stressing that the company had not yet made a decision on its final listing location and still wanted to evaluate all options first.
The sources said it was unclear whether China would approve a UK listing for Shein. At the same time, Chinese authorities have yet to approve a New York IPO, while the US Securities and Exchange Commission (SEC) has not communicated with Shein recently.
Shein has reportedly begun the process of changing its listing destination to London, as Shein founder Chris Xu is keen to get the company listed as soon as possible, and has held high-level meetings with the London Stock Exchange as well as UK officials including the Chancellor of the Exchequer. If Shein chooses to list in Britain, it is believed to be planning a secondary listing in New York at a later date, the sources said.
