Shein files paperwork for possible London listing

Good morning. Welcome to FirstFT Asia. Today we’re covering:

But to kick off we begin in London, where online fast-fashion group Shein has filed confidential paperwork for an initial public offering with the UK’s markets regulator, according to two people familiar with the matter.

If approved, it would be a blockbuster listing for London. The Chinese-founded group could fetch a market valuation of about £50bn.

Shein submitted the pre-listing documentation with the Financial Conduct Authority earlier this month, said one person the FT spoke to. The next step would be for the Singapore-domiciled company to release its IPO prospectus, which the UK regulator has to approve before the listing.

But Shein has yet to receive approval from China’s authorities to list in London. The company could decide to sell shares for the first time elsewhere if it faced regulatory hurdles or better listing conditions somewhere else, the people briefed about the matter cautioned. Hong Kong is one option under consideration, they added.

The company had planned to go public in New York but veered towards London after getting caught up in the tensions between the US and China. Here’s what UK politicians have said about Shein’s possible London flotation.

And here’s what else I’m keeping tabs on today:

• Japanese state visit in UK: King Charles and Queen Camilla will host the Japanese emperor and empress.

• ‘Summer Davos’: Chinese Premier Li Qiang is expected to speak at the World Economic Forum event in the coastal Chinese city of Dalian.

• French debate: Ahead of voting in the French parliamentary elections, a TV debate will pitch Prime Minister Gabriel Attal against National Rally president Jordan Bardella and left-wing alliance leader Manuel Bompard.

Five more top stories

1. A fire at South Korean lithium battery factory has killed at least 22 people, local officials have said. The blaze broke out yesterday morning after battery cells exploded at the Aricell plant in Hwaseong, about 45km south of Seoul. The employment ministry said an investigation would be launched into whether the company took sufficient measures to ensure workers’ safety.

2. The Edinburgh city council has paused a proposed friendship agreement with the Taiwanese city of Kaohsiung after businesses expressed concerns about a backlash from the Chinese government. Read more about the decision, which was made after the proposal got the attention of diplomats from China.

3. Brussels has accused Apple of stifling competition on its mobile app store, marking the first time EU regulators have used new powers under landmark legislation against Big Tech. Our EU correspondent Javier Espinoza details the penalties Apple could face.

4. Goldman Sachs has appointed oil tycoon John Hess to its board of directors, just as the Wall Street investment bank advises his company on its $53bn takeover by Chevron. The move comes as Goldman stands to make as much as $80mn in fees for helping Hess sell the family-run oil business in a contentious deal that has created a stand-off with ExxonMobil.

5. Benjamin Netanyahu detailed his vision for a long, hot summer in the Middle East with his first Hebrew-language interview since October 7. His plans include continued fighting in Gaza, no permanent ceasefire to secure the return of hostages, and potential escalation with Hizbollah in Lebanon. Read the full story.

News in-depth

Fourteen years ago Ibrahim al-Organi was languishing in an Egyptian prison. Today, he oversees a business empire that has flourished under President Abdel Fattah al-Sisi’s regime. Organi as found himself in the spotlight as his company collects “millions and millions” helping neighbours flee Gaza. Meet the powerbroker of Sinai.

We’re also reading . . . 

• ‘Grinding until they break’: As the Chinese tech sector faces low growth, rising competition and investor apathy, employees are left working gruelling hours.

• Ukraine: Being the lender that drives Ukraine into default could be reputationally damaging, writes the FT’s editorial board.

• AI in India: Microsoft, Google and local start-ups are racing to adapt their chatbots for multiple languages in the world’s most populous country.

Chart of the day

Nvidia has lost more than $500bn in market value since briefly becoming the world’s most valuable company last week, after its shares fell almost 7 per cent on Monday. The company’s gains are responsible for roughly one-third of the increase in the S&P 500 in 2024, but it’s now down about 16 per cent from its intraday high of $140.76 hit last Thursday.

Take a break from the news

For too long, women’s sportswear has suffered the “shrink it and pink it” approach, says Rebecca Taylor, head of women’s at Soar Running. These new brands are here for the long run, making what women runners really want: pockets to put things in.

Additional contributions from Gordon Smith and Tee Zhuo