Shein seeks Hong Kong stock market listing in blow to London
Shein is seeking to list on the Hong Kong stock exchange and turn its back on a planned listing in London, according to reports.
The fast-fashion firm has been looking to float on the London Stock Exchange for the past year but has struggled to get the go-ahead from Chinese regulators for the move.
The company, which was founded in China but is based in Singapore, is planning to file draft papers with Hong Kong's stock exchange in the coming weeks, according to Reuters.
Sources said the business intends to go public in the Asian financial hub within the year, the reports said.
Shein has been contacted for comment.
Shein's expected London listing was due to be a major boon for the City's beleaguered equity markets.
The company had reportedly secured approval for the listing from the Financial Conduct Authority (FCA) in March.
However, it has not yet received approval for the IPO (initial public offering) from Chinese regulators, including the China Securities Regulatory Commission (CSRC).
The potential change in plans come amid a backdrop of uncertainty for the retailer, which will be heavily impacted by changes to US tax rules.
The US Government said last month that it will close a loophole that allows overseas sellers to import parcels of goods worth less than 800 dollars (£592.80) directly without paying tax.
In the UK, the Government has also said it will review its own similar rule which allows small parcels, worth less than £135, to enter the country without paying duties.
Shein, and rivals including Temu, are reportedly significant beneficiaries of current rules and are facing major tax increases as a result.
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