ONLINE fast-fashion giant Shein, which has sought to distance itself from its Chinese roots, has now found it necessary to go to Beijing for approval for its IPO, reports London's Financial Times.
In recent weeks senior executives of the company, valued at more than US$60 billion in its most recent private fundraising, have been holding discussions with regulators in the Chinese capital to get their blessing for an imminent listing in New York, according to multiple people briefed on the talks.
The regulatory situation is unclear, given Shein's unique status as a start-up that originated in China with a Chinese founder but has moved its headquarters to Singapore and does not generate any revenue in the country of its birth.
Shein, which is profitable and targeting revenues of nearly $60 billion this year, approached the Cyberspace Administration of China and China Securities Regulatory Commission despite not formally requiring their approval, the people said. The CAC and CSRC did not respond to a request for comment.
SeaNews Turkey
In recent weeks senior executives of the company, valued at more than US$60 billion in its most recent private fundraising, have been holding discussions with regulators in the Chinese capital to get their blessing for an imminent listing in New York, according to multiple people briefed on the talks.
The regulatory situation is unclear, given Shein's unique status as a start-up that originated in China with a Chinese founder but has moved its headquarters to Singapore and does not generate any revenue in the country of its birth.
Shein, which is profitable and targeting revenues of nearly $60 billion this year, approached the Cyberspace Administration of China and China Securities Regulatory Commission despite not formally requiring their approval, the people said. The CAC and CSRC did not respond to a request for comment.
SeaNews Turkey
