Lenny Zephirin, principal and analyst at The Zephirin Group, says that if Shein decided to go forward with listing its stock in London it could have faced a potential delisting as was the case with Didi in the U.S.

London

Lenny Zephirin, principal and analyst at The Zephirin Group, commented that Shein's initial public offering (IPO) would be most appropriately placed in Hong Kong. Zephirin explained that Shein previously attempted confidential filings in the US and London, but faced obstacles due to geopolitical tensions and regulatory blocks, particularly from Chinese authorities.

He argued that Hong Kong is the ideal market for Shein's listing, as it would likely avoid the geopolitical and regulatory issues encountered elsewhere. Zephirin also noted that a Hong Kong IPO could help the company steer clear of controversies related to supply chains and labor practices, and would align with Chinese government efforts to boost domestic markets.

Analyst: Shein's IPO should've always been in Hong Kong

We want to start our discussion with Xi in and the potential for it to come to Hong Kong. Now with this confidential filing it's a little bit curious to me because this is usually reserved for listed companies or for the Hong Kong Stock Exchange. They've broadened this out to include tech companies. But how is it that if they did that she and filed for a confidential listing in the Hong Kong market. Well I mean the confidential list is open to everyone. I mean this is Shane is in our opinion is following the same happy or cautious format that he has done when he first decided to list in the US. It also filed a confidential list in the US market which was rejected due to geopolitical bottlenecks. He also did the same thing going into London and also did file a confidential listing in London which potentially got approved by the UK FCA Financial Conduct Authority. But that was blocked by the Chinese regulators. So I think the confidential I'm I'm lifting the company's file is in line with what he has done you know for the past two years. So we've been waiting for them. You know she in filed for a listing in London. It was about 18 months ago and then now reportedly in Hong Kong as well. Do you think that this move would pressure London to say oh look you know you're going to miss out on this. Which would be the preferred market for she. I think you know initially the preferred market for the most market for sheen should have been the first choice should have been the Hong Kong market. That should be the preferred market because the company initially has started on a great path move coordination with the regulators. But it was kind of surprising that it chose to go to US. I don't think she considering Hong Kong now would pressure London. I mean although London has under pressure because of it because of law showing the appeal. But no company can pressure London to the decision. That's when he made the decision. So it was it was blocked by the Chinese regulators. So that I think that will not pressure London. And if London if she would have decided to go forward after being rejected but after being blocked by the Chinese regulators you may see a potential similar outcome to what happened to Didi. Didi was was not given a go ahead and initially went ahead with the New York IPO which is the Dutch end up being a company being delisted. So I don't think sheen is in any position to pressure London. So do you think that the hold up here is the CSRC and that at the end of the day they would prefer it to be a Hong Kong listing especially with all that the government is doing in terms of its policies to boost domestic consumption. One of those methods is by boosting the stock market. I think the in my opinion the Hong Kong is ideal to see because he also in our opinion eliminate a major which is the geopolitical trade war. We got in no shame. You know activities. We're going to label you know labor activities going sheen supply chains and so on. This will probably eliminate the conversation around that if she decides to even accept it to go to a Hong Kong listing. You know if it listed in U.S. you know which was rejected in London that conversation which is to see even the regulators or even the Chinese government do not want to continue to have that would probably go. And I think I will probably go away by listing Hong Kong.

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