By Helen Reid and Kane Wu
LONDON/HONG KONG, July 10 (Reuters) - Fast-fashion retailer Shein won approval for its long-awaited Hong Kong IPO on Friday, a notice posted on the China Securities Regulatory Commission (CSRC) website showed, clearing the way for a listing after failed attempts in New York and London.
Shein, a fast-growing e-commerce giant, would be the highest-profile retailer to list in years, as many consumer brands have delayed initial public offerings due to weak investor sentiment and subdued spending by lower- to middle-income shoppers.
Founded by Chinese-born entrepreneur Sky Xu in 2012, Shein has waited a year for the green light from Beijing for its IPO, which had to be cleared by the highest levels of the ruling Communist Party, according to a source with direct knowledge of the matter.
Beijing views Shein as politically sensitive and has been cautious about endorsing a listing after controversies including a ******* doll scandal in France and reports of poor labour practices at its supplier factories in China, the source said.
LONDON/HONG KONG, July 10 (Reuters) - Fast-fashion retailer Shein won approval for its long-awaited Hong Kong IPO on Friday, a notice posted on the China Securities Regulatory Commission (CSRC) website showed, clearing the way for a listing after failed attempts in New York and London.
Shein, a fast-growing e-commerce giant, would be the highest-profile retailer to list in years, as many consumer brands have delayed initial public offerings due to weak investor sentiment and subdued spending by lower- to middle-income shoppers.
Founded by Chinese-born entrepreneur Sky Xu in 2012, Shein has waited a year for the green light from Beijing for its IPO, which had to be cleared by the highest levels of the ruling Communist Party, according to a source with direct knowledge of the matter.
Beijing views Shein as politically sensitive and has been cautious about endorsing a listing after controversies including a ******* doll scandal in France and reports of poor labour practices at its supplier factories in China, the source said.
3 months ago
