Online fashion retailer SHEIN is set to raise about $2 billion in fresh funding and is eyeing a U.S. IPO later in 2023
The flotation, if successful, would be one of the biggest worldwide this year and a test of U.S. investor appetite for Chinese companies amid volatile capital markets and geopolitical tensions.SHEIN said it does not currently have plans for an IPO and declined to comment further. GA, Mubadala, Tiger and Sequoia China declined to comment.
SHEIN, founded by Chinese entrepreneur Chris Xu, has grown into one of the world's largest online fashion marketplaces since its 2008 launch in Nanjing. It produces clothing in China to sell online in the United States, Europe and Asia, selling items such as $10 dresses and $5 tops.partly due to unpredictable markets amid rising U.S.-China tensions, sources have previously said.
Chinese companies raised only around $230 million in U.S. listings last year, a massive drop from $12.9 billion in 2021, according to Refinitiv data. In recent years, the company has made a Singapore firm its de facto holding company and Xu has also become a permanent resident of the city-state,. The moves were designed so that SHEIN could bypass seeking Chinese regulatory approval for the listing, sources have previously said.
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