LONDON (dpa-AFX) - Chinese fashion company Shein is preparing for its London listing this month after failing to cross regulatory hurdles in the U.S.
According to a report by Reuters, Shein has updated the authorities of the China Securities Regulatory Commission or CSRC about the filing of an initial public offering with the London Stock Exchange. It has also approached London-based fund advisors for the matter.
The Singapore-based company had filed IPO with the US Securities and Exchange Commission or SEC in November, however, it faced problems regarding copyright and trademark lawsuits from competitors and alleged labor malpractices.
Also, Republican senator Marco Rubio has asked the SEC to block Shein's application unless the company discloses additional details about the 'business practices and risks to their business.'
Meanwhile, in China, the CSRC has recommended against US listing due to supply issues, and under the regulator's new rule, Chinese authorities could get involved in approving offshore IPO applications.
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