xiyin rushes for ipo, founder xu yangtian will go to the united states to meet investors
2024-10-06
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recently, shein has been making frequent moves towards a london ipo. according to a report by the wall street journal on october 5, beijing time, people familiar with the matter said that as fashion giant shein approaches its listing in london, the company’s executives are expected to meet with potential u.s. investors in the coming week.
for large institutional investors, this will be their first opportunity to meet xu yangtian, founder and ceo of xiyin, who rarely makes public appearances.
according to a report from investing.com on october 3: “online fashion retailer shein is preparing to contact potential investors in europe through a series of informal roadshows to advance its initial public offering (ipo) in london. plan. the company, which originated in china and is now headquartered in singapore, is awaiting approval from the uk’s financial conduct authority (fca) for its market debut.”
people familiar with the matter said that xu yangtian and xiyin cfo gui lei launched a round of informal meetings between the company and global investors in the uk on monday to discuss the company's development prospects and challenges, as well as investors' opinions on xiyin's initial public offering (ipo). potential interest. after the u.s. meeting, xiyin executives may travel to the middle east and asia to meet investors and wrap up the round of meetings.
at the end of last year, xiyin’s plan to be listed in the united states failed. the company originally submitted an ipo application to the u.s. securities and exchange commission (sec) secretly, but people familiar with the matter said the sec told xiyin that the agency would only consider allowing xiyin to submit an ipo application publicly.
in preparation for a potential listing, xiyin has come under increasing scrutiny from governments around the world. after a multibillion-dollar new york listing failed, xiyin turned to seeking a london listing.
in early june this year, shein submitted confidential documents to the british market regulator and initiated the process of listing in london. the potential listing in london represents a shift in shein's strategy. however, as of now, shein has not yet appeared on the overseas ipo candidate list approved by the china securities regulatory commission (csrc).
currently, shein’s financial details are not public. it was valued at us$66 billion after a round of financing last year. according to a previous report by the wall street journal, xiyin's revenue in 2023 will be approximately us$32 billion, with profits of us$1.6 billion. at the beginning of this year, xiyin expected revenue to grow by about 30% in 2024, instead of the 40% growth rate of the past few years. compliance efforts may further reduce the company's revenue growth this year.
text | reporter shen zhao
