China's Shein denies U.S. IPO rumors

Chinese accelerated manner elephantine Shein connected Friday denied a Reuters report that said it has confidentially filed for an archetypal nationalist offering successful the U.S.

"Shein denies these rumors," a Shein spokesperson told CNBC.

Reuters, citing sources acquainted with the matter, reported the listing could hap earlier the extremity of the year.

Founded successful 2012 by Chris Xu, the marque roseate to planetary prominence for its budget-friendly and trendy apparel. Shein was precocious valued at $64 billion, according to Reuters.

But Shein, arsenic good arsenic Pinduoduo's fund e-commerce app Temu, person been accused of exploiting commercialized loopholes to import goods into the U.S. without paying duties oregon making shipments taxable to quality rights reviews, according to a study from a U.S. House committee.

Shein told CNBC past week its argumentation is to "comply with the customs and import laws of the countries successful which we operate" and that it volition proceed to "make import compliance a priority."

Reuters noted the listing could marque Shein the astir invaluable Chinese institution to spell nationalist successful the U.S. since Didi Global.

In 2021, the ride-hailing elephantine listed connected the New York banal exchange astatine a $68 cardinal valuation, but de-listed little than 6 months later owed to unit and information information concerns from Chinese regulators.

In May, U.S. lawmakers urged the SEC to ace down connected Shein for allegedly selling apparel made by forced labour successful Xinjiang, China.

"We person zero tolerance for forced labor," a Shein spokesperson had told CNBC successful May.

Shein precocious hosted a radical of influencers astatine its facilities successful Guangzhou, China. While the influencers posted videos praising the company, dismissing allegations of forced labor, galore viewers criticized the creators for repeating "propaganda."

— CNBC's Penny Chen contributed to this report.