Shein pursues Wall Street IPO amid rumours of imminent listing

Shein, the e-commerce giant, is reportedly pursuing an initial public offering (IPO) on Wall Street. While Shein has not confirmed the rumours, which were first reported by Reuters, it is said to have submitted confidential documents for the IPO, which could take place by the end of the year.

The company recently secured 2 billion dollars in financing and achieved a valuation of around 64 billion dollars, according to the Wall Street Journal, positioning it as the largest Chinese company listed overseas.

However, bipartisan American lawmakers have raised concerns about Shein's production practices and called for an investigation into allegations of exploitation and forced labour. The controversy revolves around the use of cotton from China's Xinjiang region, which has been boycotted due to human rights concerns.

Despite the challenges, Shein aims to triple its current turnover and surpass 60 billion dollars in sales by 2025. The company's founder, Chris Xu, relocated its headquarters from Nanjing to Singapore, potentially allowing Shein to navigate Beijing's strict regulations on oveseas listings, said Reuters.