By Seeking Alpha,
Chinese fast-fashion retailer Shein is reportedly shelving plans for a proposed initial public offering due to market volatility exacerbated by Russia’s attack on Ukraine.
Shein had been eyeing a US listing, with company founder Chris Xu mulling becoming a Singapore citizen to help navigate new rules that make it more difficult for Chinese companies to list overseas, according to Reuters.
Sources told Reuters that the company was in a strong financial position and did not want to risk its reputation by holding an IPO in a volatile market. The company was valued at $50B in 2021.
Shein first considered an IPO two years ago, but abandoned plans due in part to market volatility and rising tensions between the US and China, Reuters said.
Shein representatives told Reuters the company had no plans for an IPO.
Source : https://seekingalpha.com/news/3806060-shein-reportedly-shelves-us-ipo-plans-market-volatility?utm_source=feed_news_ipos&utm_medium=referral