Gap must be bridged between how ecommerce group sells itself and what some investors believe it will deliver
Videos of shoppers unveiling a “huge haul” of Shein goods can get thousands of views on TikTok. But so too can clips comparing what shoppers were promised to the disappointing products delivered. UK fund managers are wary of the second scenario when it comes to the ecommerce group’s potential initial public offering in London. Shein’s executive chair Donald Tang has his work cut out if he wants UK institutions to buy what he is selling.
More frequent, independent audits will be needed to neutralise this issue in the City. Third, there are inevitably governance concerns — about an expected small free float and Shein’s corporate structure, with its ultimate parent registered in the Cayman Islands. One useful signal from Tang could be reassurance that all shares will carry equal voting rights. Given the slim free float expected, a dual-class structure entrenching the rights of pre-IPO investors seems unhelpful and unnecessary.
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