Shein’s U.S. IPO could be delayed by Chinese regulators.
The Chinese fast fashion giant applied to the Chinese regulatory authority for approval to go public on the US stock market, reports the news platform Reuters based on two unknown sources. The IPO could be delayed by the decision of the Chinese regulator. This is not only because U.S. regulators are checking more closely than expected, but also because the company has to go through a lengthy approval process with several Chinese regulators, according to Reuters.
Shein filed with U.S. regulators in November for an initial public offering in 2024, hoping for a $90 billion valuation in a Wall Street initial public offering. The plans for the US IPO have been in existence since June 2023.
Now it appears that Shein also filed an application with the China Securities Regulatory Commission (CSRC) in the same month. As a result, the fast fashion giant will also have to comply with Beijing’s new listing rules for Chinese companies going public abroad.