Shein, the online fast-fashion giant that competes with Zara and H&M, is keeping quiet about its anticipated London initial public offering, even as it breaks ground on a massive new supply chain hub on the outskirts of the southern Chinese city of Guangzhou. The Singapore-based company, founded in China by low-key entrepreneur Sky Xu Yangtian, has not publicly spoken about its London listing plan but The Wall Street Journal reported that Xu has met with global investors in London as part of an informal road show that included the US, Middle East and Asia. Shein declined to comment on the reported meetings.
It remains unclear whether Shein still needs approval from the China Securities Regulatory Commission for an overseas listing, as its listing place has changed from New York to London. Separately, the first phase of its massive supply chain hub project with a total investment of 10 billion yuan (US$1.4 billion) broke ground in the Zengcheng district of Guangzhou on September 28, according to local state media.
The project will be completed in three phases and is anticipated to generate more than 100 billion yuan in annual export value and create 100,000 jobs. The Shein hub has become “a business card for Guangzhou’s cross-border e-commerce business” and will “provide a significant boost to the region’s cross-border e-commerce economy”, the Zengcheng Daily reported..
