Shein closes in on £50bn London listing despite concerns over working conditions By Emily Hawkins Updated: 07:53 BST, 4 June 2024 e-mail 6 View comments Shein is set to launch its £50billion stock market listing in London in the coming days despite concerns over working conditions at the Chinese firm. The online fashion giant, which was set up in Nanjing but is now based in Singapore, could file papers as soon as this week in a major boost for the City. London has been vying with New York for the blockbuster float which would see Shein soar straight into the blue-chip FTSE 100 index.
The Mail on Sunday revealed in April that London was the likely destination and the filing of a prospectus for regulatory approval would be the surest sign yet that the City has won out. A listing valuing Shein at £50billion would be one of the biggest in the history of the London Stock Exchange. The filing could occur as soon as this week, but the initial public offering (IPO) of its shares may not take place until later in the summer or in early autumn.
Chancellor Jeremy Hunt – who is under pressure to bolster the City after amid concerns over its standing as a financial centre – has met with Shein chairman Donald Tang in recent weeks. And Labour politicians – including business spokesman Jonathan Reynolds – have also held talks with the American businessman, who was born in Shanghai but moved to the US in 1982 aged 18. Labour, who could form the next government after the election in.