Shein wants to exit crisis with IPO – UBS helps
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On September 1st, the large golden gong will sound at the Hong Kong Stock Exchange. With this tradition, the Chinese company Shein will ring in its first day of trading. The online retailer for cheap fashion will then have finally made it to the stock markets. However, the Chinese financial metropolis was not Shein's first choice. Originally, the fast-fashion group, which brings around 4700 new clothing items to its shop daily, wanted to go public in New York. Later, there were also plans for London. Both attempts failed due to regulatory and political hurdles. Shein repeatedly came under criticism for its supply chains, products, and working conditions. In addition, there are its close ties to China: although Shein now has its headquarters in Singapore, it was founded in China and has a large part of its clothes produced there. This time, the stock market debut is expected to succeed. Shein was able to attract several well-known investors for this. They have committed as so-called anchor investors to buy shares worth a total of 383 million dollars. Among them is a well-known Swiss name: UBS. Or more precisely: UBS's asset management subsidiary in Singapore. This subsidiary is investing 20 million dollars in Shein, as stated in the IPO prospectus. The commitment raises questions. This is because the UBS subsidiary is investing in a group whose IPO plans had previously met...
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