Chinas


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PDD overtakes Alibaba as China’s most valuable e-commerce firm

E-commerce US-listed shares of Alibaba Group Holding declined on Friday following a Morgan Stanley downgrade on concerns over slower turnaround in its key businesses, hours after PDD raced past its rival to become the most valuable Chinese e-commerce firm. Alibaba’s stock slipped 3.2 per cent to $72.5, touching a fresh one-year low. The shares are down nearly 17 per cent since the company last month posted in line second-quarter revenue and scrapped plans to spin off its cloud business. Meanwhile,…


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China’s fast-fashion retailer Shein files for US IPO

E-commerce China-founded fashion company Shein has confidentially filed to go public in the United States, two sources familiar with the matter told Reuters on Monday. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, and Shein could go public sometime in 2024, the sources said. Shein has been planning to go public for the last few years, but halted plans almost twice since then. The fast-fashion giant’s decision now comes at a time…


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China’s Shein files for US IPO, sources tell Reuters

E-commerce Shein, the Chinese online fashion retailer worth more than $60 billion that is under scrutiny from US lawmakers over its labor practices, has registered with regulators for an initial public offering in New York, people familiar with the matter said. The stock market debut could make Shein the most valuable Chinese company to go public in the United States since ride-hailing giant Didi Global listed in New York in 2021 at a $68 billion valuation. Didi was delisted from…


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China’s Shein set to raise $2 billion, eyes US IPO later this year

Chinese online fashion retailer Shein is set to raise around US$2 billion in a new funding round this month and is aiming for a US listing in the second half of this year, three people with knowledge of its plans told Reuters. UAE’s sovereign wealth fund Mubadala is a major investor in this round as are existing investors, private equity firm General Atlantic (GA) and venture capital group Sequoia Capital China, said two of the people and a separate person…


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China’s Shein set to raise $2 billion, eyes US IPO later this year

E-commerce Chinese online fashion retailer Shein is set to raise around $2 billion in a new funding round this month and is aiming for a US listing in the second half of this year, three people with knowledge of its plans told Reuters. UAE’s sovereign wealth fund Mubadala is a major investor in this round as are existing investors, private equity firm General Atlantic (GA) and venture capital group Sequoia Capital China, said two of the people and a separate…


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