Online fast-fashion giant, Shin, has stepped close to London’s early public offer (IPO) after receiving approval from the Financial Conduct Authority (FCA), according to sources familiar with the case.
FCA’s Green Light represents an important milestone in the ambitions of the Chinese-installed company on the list on the London Stock Exchange, after confidential presenting of registration documents in June last June.
However, the company still faces headwind, including US President Donald Trump to impose 145 percent tariffs on Chinese goods and to implement strict rules for China to US on duty-free shipment.
Shin, which sells $ 10 dress and $ 12 jeans in more than 150 countries and was priced at $ 66 billion in its final funds in 2023, would also require to secure approval from Chinese regulators, especially for the China Securities Regulatory Commission (CSRC), London Flot, the sources have been re -explained.
In recent weeks, the company informed CSRC about FCA’s approval, but has not yet received green lights from the regulator, a source said. He refused to be nominated by Reuters as information remains private.
Shin and FCA refused to comment, while CSRC did not respond to the remarks request.
Shin, whose clothes are mostly manufactured in thousands of factories in China, were sought to go to Publicly in London in London, despite the company transferred its headquarters in Nanjing, China to Singapore in 2022.
Sources have said that Shin’s filing with CSRC is for the public offshore of Chinese firms for new listing rules of Beijing.
Shin does not owe or operate any manufacturing facilities, and instead sources its products primarily in China from approximately 5,800 third-party contract manufacturers, subjugating it to CSRC’s listing rules, a different source said earlier.
The rules are applied on a “a substance over form” basis, giving CSRC discretion to when and how CSRC is applied.
Shin individually shipped most of its products to shopkeepers by air in individually addressed packages.
Under the CSRC rules, hosting of officials such as the National Development and Reform Commission, which oversees foreign holdings in local firms, may involve the approval of cyber security regulators and other offshore IPO applications.
