‘Zero conversations’ about London IPO valuation, says Shein boss

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The CEO of Lahin insisted that investors nor management of fast retail stores raised his concerns about the company’s evaluation because it is following a list in London in the face of commercial tariffs and intense competition.

Donald Tang told the Financial Times that none of its current investors – which includes Sikoya China, now known as Hongshan, General Atlantic and Abu Dhabi for sovereign wealth – sparked any grievances about the evaluation of Shin before a preliminary plan.

“For me, if no person was happy, they haven’t told me yet. He said in an interview in which he has repeatedly refused to discuss the company’s subscription plans for the company, which he called” the elephant in the room “:” I only spoke to our current shareholders – nothing but happiness. ”

The value of Sheen amounted to 66 billion dollars during the last financing round in 2023. Some other investors and owners of interest were raising the evaluation reduction to about 30 billion dollars, which was previously reported, a move that could help them complete the public subscription in the first half of this year.

Tang, who joined the group that was established in China in 2022 to help lead the stock market list, said that there were “zero talks” between the Shen administration about having to reduce its evaluation.

“When we actually go in public, there will be this question [about valuation]But we will not be created now. . . We haven’t had a conversation yet, zero. ”

Shin, which is now headquartered in Singapore, launched plans for the public in New York in late 2023, but surrounded by the United Kingdom after it was rejected by the US Securities and Exchange Committee. Even in significantly low evaluation, the float will be one of the largest of this contract in the London market, which has struggled to attract and keep large international lists.

Companyand That ships cheap clothes that are often made in Chinese factories directly for shoppers all over the world, facing strong competition from the TEMU competition and uncertainty about the future of the main exemption of US import duties of beams less than $ 800.

Last month, US President Donald Trump ended the exemption of “De Mimineris” before putting the step in the event of the accumulation of parcels at entry points to America. Trump also presented an additional 10 percent tariff on imports from China, then Double it to 20 percent Last week.

Shen suffered 40 percent Located in net profit To one billion dollars in 2024, he told people who have knowledge of his internal expectations previously.

Tang said that the investors were “very happy because they were. We have improved efficiency, we have reduced the waste … and continued to grow strongly and profit widely.”

He acknowledged the existence of “fluctuation” in the margins of the company’s profit, but said that the group had previously disrupted, as during the Covid-19s.

He refused to be placed on the influence on Shein from the closure of the “De Minimis” tax, but he said the group was “flexible and graceful”, adding that “it always has a globalization model, so we have already started to diversify my global.”

Shen told investors that the list could happen as soon as the public subscription is pushed to the second half of this year as it moves on the challenges, including changes to the rules of American tariff.

When he was asked if Shin was more likely to subscribe in the second half of the year, he said: “You want the public subscription sooner and not later.”

The company presented the secret subscription papers with the British market organizer in June. Tang refused to comment on the progress towards the list as Shen is awaiting the approval of the UK and China organizers.

He said: “If you are compatible with others to make everything secret, this covenant will not violate.”

But he said that by passing the listing process, the company can “adopt the global mechanism of accountability and transparency because there are requirements instead of the option” regarding the information that public companies must disclose.

“By doing this correctly, we can earn the most general confidence,” he said.

Shin was founded in 2012, but its sales were shipped by the turbine before the online shopping boom during pandemic. It faced scrutiny from politicians and activists due to the allegations of weak work practices in the sprawling supply chains.

The company was accused By the British MP in January “disrespect” a parliamentary committee. After appearing from the best Shin lawyer in Europe and refused to answer the committee’s questions about the source of the cotton used in its products and whether it has confessed the presence of forced work in the Xinjiang region of China.

Tang said that Shen later wrote to deputies answering all questions. Sheen said it has a “policy that bears zero” for forced work, and it is understood that many cotton comes from Australia and the United States.

Although Shin initially sought to include him in the United States, Tang praised London as the “wonderful capital market”. “It has the best time zone, the best language. It has the best separation between legitimacy and politics, and has.” One of the highest standards of accountability. ”