The Strategist

Chinese retailer Shein files for IPO in New York

06/30/2023 - 03:31

Shein, a Chinese online retailer, submitted required documentation to the Securities and Exchange Commission (SEC) of the United States in preparation for an initial public offering of its shares, reports Reuters. By the end of the year, the company plans to do an IPO on the New York Stock Exchange.

Chinese retailer Shein files for IPO in New York
Shein will rank among the costliest Chinese public businesses to list on a US exchange if the IPO is successful. The current one is Didi Global, a taxi company, which raised $4.4 billion when it went public in 2021 and was valued at $68 billion.

However, in June 2022, Didi was compelled to depart the New York Stock Exchange due to pressure from Chinese authorities on the nation's tech titans.

Prior to this, a group of US Congressmen from both parties urged the SEC to halt plans for Shein shares' initial public offering. The congressmen contend that it is first imperative to guarantee that Shein, the global retailer of designer apparel, does not employ Uighur enslaved labor.