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Shein keeps option to list in Hong Kong as backup, FT reports
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Shein keeps option to list in Hong Kong as backup, FT reports
Jun 28, 2024 10:29 AM

June 28 (Reuters) - Online fast-fashion group Shein is

keeping alive a fallback option to list in Hong Kong despite

filing for a London listing, the Financial Times reported on

Friday, citing people familiar with the situation.

The company confidentially filed papers with Britain's

markets regulator in June, two sources told Reuters on Monday,

kicking off the process for a potential London listing later

this year.

The news has triggered strong opposition from human rights

groups in the UK over concerns about Shein's labour practices.

Amnesty International UK said the potential London initial

public offering would be a "badge of shame" for the LSE.

Shein's plans remain in flux and there is no certainty

that it will end up listing in London even if that is the

company's current focus, the FT report said.

The company did not immediately respond to a Reuters

request for comment.

Shein, which was valued at $66 billion in a fundraising

round last year, began to explore a listing on the London Stock

Exchange early this year, Reuters reported in May, citing

sources. Its original plan to list in New York came unstuck

following opposition from U.S. lawmakers.

Some senior British lawmakers have also questioned

Shein's suitability and called for greater scrutiny of its

labour practices, supply chain and use of an import tax

exemption.

(Reporting by Urvi Dugar in Bengaluru; Editing by Shailesh

Kuber and Devika Syamnath)

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