RE: News Article9 Mar 2024 15:00
Looks like the grown ups aka " Spk and co" should of gone to spec savers.
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Hunt urges Shein boss to pursue blockbuster London float
Jeremy Hunt, the chancellor has met Shein chairman Donald Tang in a bid to persuade the online fast fashion behemoth to float in London instead of New York, Sky News learns.
By Mark Kleinman, City editor @MarkKleinmanSky
Tuesday 27 February 2024 13:54, UK
A keyboard and a shopping cart are seen in front of a displayed Shein logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration
Image:
File pic: Reuters
Jeremy Hunt has held talks with the boss of Shein, the Chinese-founded fast fashion giant, in a bid to persuade the company to commit to what would be one of London's biggest-ever corporate flotations.
Sky News can exclusively reveal the chancellor met Donald Tang, Shein's executive chairman, this month as part of British regulators' and government officials' efforts to convince it to list in the UK.
Insiders confirmed the two men had held "productive" discussions about a London initial public offering amid signs its initial target of a New York flotation is faltering.
Sky News revealed Shein's deliberations over a London listing in December, with Bloomberg News repeating those considerations were ongoing in a report on Tuesday.
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The meeting between Mr Hunt and Mr Tang underlines the importance British officials are attaching to the idea of trumping the US in an effort to land the Shein IPO.
One capital markets banker said if it proceeded, Shein could become the London Stock Exchange's second-largest IPO in history, behind the 2011 stock market debut of Glencore International, the commodities trading and mining group.
Mr Tang has already met executives from the LSE as well as more junior ministers as part of its IPO preparations.
Shein filed documents for a New York listing last year, but has reportedly grown concerned its application may be rejected by the US Securities and Exchange Commission.
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Goldman Sachs, JP Morgan and Morgan Stanley have been appointed to work on the deal.
FILE PHOTO: People shop at the Shein Holiday pop-up shop inside of Times Squares Forever 21 in New York City, U.S., November 10, 2023.REUTERS/David 'Dee' Delgado/File Photo
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Shein operates in more than 150 countries. Pic: Reuters
Based in Singapore, Shein has become one of the world's largest online fashion retailers, although its growth has not been untroubled amid mounting concerns about labour standards.
Last year, Sky News revealed Shein was in talks to buy the British fashion brand Missguided from Mike Ashley's Frasers Group.
While the transaction itself was worth only a modest sum, retail analysts said it could pave the way for Shein to build a more meaningful profile in the UK, potentially through a broader co