London listing advisers shrug off Shein IPO snub

Change of plan: Shein clothing on a rail during a nationwide promotional tour in Britain. Although London signed off on Shein’s IPO application, the retailer is instead turning to Hong Kong for its listing. — Reuters

LONDON: This time last year Britain was mounting a charm offensive on online retailer Shein, with ministers saying they had conversations with the seller of US$5 T-shirts about the benefits of a London listing.

A year later and efforts to win over what looked to be one of the largest UK initial public offerings (IPOs) in the last decade have come to nought.