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Shein's decision on where to list isn't final yet, as the company weighs the benefits of a U.S. or U.K. listing, sources familiar with the situation say.

Why it matters: All eyes are on the giant retailer's IPO.

State of play: Reuters reported the company could list on the London Stock Exchange (LSE) as soon as this month, and Axios confirmed Shein is weighing a London IPO.

Reality check: The U.S. makes the most sense for Shein's listing.

U.S. exchanges provide more liquidity and higher valuations compared to U.K. exchanges.

But as Axios previously reported, a U.S. IPO would hinge on reducing headline risk here.

What they're saying: Shein's executive chair, Donald Tang, told the Financial Times that it has made "progress" on changing U.S. lawmaker's negative perception of it, "but not enough."

Members of Congress have voiced concerns about Shein's ties to forced labor in recent months, including Sen. Marco Rubio (R-Fla.)

Tang declined to comment on whether Shein was prioritizing London to the FT.

Zoom out: Shein's choice of exchange could influence other Chinese companies also weighing IPOs, says Drew Bernstein, co-chairman of Marcum Asia CPAs.

"Most, if not all, exchanges would want to list potentially the largest IPO of the year," he says.

Between the lines: Sources say no one in the U.S. is blocking a Shein IPO and it is not the role of the SEC to do so.

Only Chinese regulators have prevented Chinese companies from going public in the U.S. or pushed them to delist, as in the case of ride-sharing company DiDi.

And whether the China Securities Regulatory Commission (CSRC) gives a thumbs up or down, it applies equally to all exchanges outside the country, including the London Stock Exchange, the New York Stock Exchange, and the Nasdaq.

The intrigue: Shein faces business risks regardless of where it lists.

U.S. lawmakers last summer proposed removing the de minimis tariff exemption Shein uses to avoid paying tariffs.

They are also now under pressure to do so by labor unions and trade groups.

Threat level: Shein also relies heavily on third parties to ensure its vast supply chain remains free of forced labor.

In an internal April memo viewed by Axios, Shein called on employees to voice concerns they have about compliance practices.

The memo cites the Department of Homeland Security's enforcement efforts tied to textile de minimis importation.

Friction point: Shein's impetus to IPO is to be more transparent, a source close to the company's thinking says — but Shein's founder and CEO, Sky Xu, is intensely private.

That poses yet another risk, as a spokesperson is one of the main jobs of the head of a publicly traded company.

Shein and the SEC declined to comment. The LSE did not respond to Axios' request for comment.

Shein's big choice: Fast fashion giant weighs going public in U.S. or U.K.

Several exchanges are vying for what could be the year's biggest IPO.

A Shein sign in pink hovers over its opening party at O Beach Ibiza in Spain on May 3.

The Shein opening party at O Beach Ibiza in Spain on May 3. Photo: Xavi Torrent/Getty Images for Shein

Initial public offerings (IPO)

Shein&#x27;s decision on where to list isn&#x27;t final yet, as the company weighs the benefits of a U.S. or U.K. listing, sources familiar with the situation say.Why it matters: All eyes are on the giant retailer&#x27;s <a class="gtmContentClick" data-vars-link-text="IPO" data-vars-click-url="https://www.axios.com/2023/11/27/shein-us-ipo" data-vars-content-id="38ad0b91-ea74-4d0b-ae46-e54b9d9bfbe5" data-vars-headline="Shein&#x27;s big choice: Fast fashion giant weighs going public in U.S. or U.K." data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/11/27/shein-us-ipo" target="_self">IPO</a>.

Shein's big choice: Fast fashion giant weighs going public in U.S. or U.K.

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