Online fast-fashion group Shein has a back-up plan to seek a listing in Hong Kong, as its ambition for an initial public offering in London encounters rising scrutiny in the UK and China. While a London flotation could fetch the China-founded ecommerce group a £50bn market valuation — marking a blockbuster success for the UK’s otherwise lacklustre capital markets — Shein is also facing pushback over the plan.
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Shein keeps option of Hong Kong IPO as back-up plan
“If CSRC didn’t approve of London, they would likely have signalled that to Shein. So the fact they went forward in London means it’s unlikely CSRC has a preference for Hong Kong over London,” said Ming Liao, founder of Prospect Avenue Capital, a Beijing-based venture capital fund.
