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News on Medial
Shein's IPO to be delayed to second-half after US 'de minimis' repeal
Economic Times
·
5m ago
Medial
Shein's plans to list on the UK stock market have been postponed to the second half of the year due to the repeal of the U.S. de minimis duty exemption by the Trump administration. This rule change threatens Shein's profitability and could raise prices in its largest market. The IPO delay comes amid growing economic tensions between the U.S. and China and a potential reduction in Shein's valuation to around $50 billion.
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Related News
Explained: What is 'de minimis', the trade rule that Trump closed in blow to Chinese retailers Temu & Shein? - Explained: What is 'de minimis', the trade rule that Trump closed in blow to Chinese retailers Temu & Shein? BusinessToday
Business Today
·
3m ago
Medial
The de minimis rule, exempting shipments valued at $800 or less from duties, was initially to reduce administrative burdens. However, former US President Trump signed an executive order to end this rule for low-value packages from China and Hong Kong, effective May 2. Domestic manufacturers support the change to address unfair competition, though critics caution about potential price hikes and disruptions in e-commerce supply chains.
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US states ask SEC to check if Shein complies with forced labor rules
Economic Times
·
1y ago
Medial
Republican attorneys general from 16 US states have requested the Securities and Exchange Commission (SEC) to audit Shein's supply chain for potential forced labor use before the China-founded fast-fashion retailer's IPO. The letter, amid heightened US-China tensions, adds pressure to Shein as Congress focuses on Chinese firms misaligned with US foreign policy goals. Shein, known for its $7 dresses and $5 home goods, shifted its headquarters to Singapore but primarily manufactures in China. The letter urged the SEC to verify compliance with US laws banning imports produced with forced labor. Shein is reportedly considering a US IPO.
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Shein files with Chinese regulator for planned US float
Economic Times
·
1y ago
Medial
Fashion company Shein has filed with the Chinese regulator for a planned IPO in the US, seeking Beijing's approval despite efforts to distance itself from China. The Singapore-based company, valued at $66 billion, filed with the China Securities Regulatory Commission (CSRC) in compliance with new listing rules for Chinese firms. Shein's listing plans are expected to face scrutiny from both US regulators and a lengthy approval process with numerous Chinese regulators. The CSRC's new rules make it likely that Shein will be considered a Chinese company and subject to the regulations.
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Meesho closes $550 million round; moves NCLT to shift domicile
Economic Times
·
6m ago
Medial
Ecommerce firm Meesho secured $550 million in a funding round, bringing in new investors like Tiger Global. The majority of the funding is secondary, with primary capital raised to cover tax costs related to a reverse merger of Meesho's India unit with its US parent, facilitating its planned IPO by 2026. Valued at around $3.9-4 billion, Meesho aims to file IPO papers by the second half of 2025, contingent on NCLT approval speed.
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Tiger Global-Backed Logistics Unicorn BlackBuck Eyes $300 Mn IPO In FY25
Inc42
·
1y ago
Medial
Indian logistics startup BlackBuck, backed by Flipkart, is reportedly preparing for an initial public offering (IPO) in the next fiscal year, with plans to raise up to $300 million. The company has already appointed merchant bankers and lawyers for the IPO and is currently working on its draft red herring prospectus. BlackBuck aims to file the DRHP with its full FY24 financial numbers and launch the IPO in the second half of FY25. The proceeds from the IPO will be used to expand its services business and grow its core freight business.
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Grapevine: Flipkart-backed BlackBuck mulls IPO; Godrej Tyson promoters plan stake sale
VCCircle
·
1y ago
Medial
Flipkart-backed logistics startup BlackBuck is considering going public with an IPO in the next fiscal year. The company aims to raise around $300 million and plans to file the Draft Red Herring Prospectus (DRHP) with full financial numbers for FY24. The IPO is expected to be launched in the second half of the fiscal year. Additionally, the promoters of Godrej Tyson Foods are also planning to sell their stake in the company.
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US safety commissioners call for investigation into Shein, Temu
Economic Times
·
10m ago
Medial
The U.S. Consumer Products Safety Commission (CPSC) is being urged to investigate e-commerce retailers Shein and Temu after reports of dangerous baby and toddler products being sold on their platforms. Commissioners want to assess how these platforms comply with CPSC rules, handle relationships with third-party sellers, and represent imported products. Shein and Temu's use of de minimis, which exempts packages worth $800 or less from tariffs, is also raising concerns. Critics argue that their low prices and use of de minimis contribute to their success, and both companies have faced scrutiny for product quality.
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US SEC further delays decision on BlackRock's spot ethereum ETF
Economic Times
·
1y ago
Medial
The US Securities and Exchange Commission (SEC) has once again delayed its decision on BlackRock's application for the iShares Ethereum Trust. BlackRock, a prominent asset manager, filed its application for a spot ethereum exchange-traded fund (ETF) in November of last year. The ETF would be listed on Nasdaq if approved. Ether, the second-largest cryptocurrency, has seen increasing interest from institutional investors. The SEC previously delayed its decision on BlackRock's application in January, following the approval of several bitcoin ETFs. A spot crypto ETF allows investors to gain exposure to a digital asset's market price without purchasing the currency itself.
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How Shein-Reliance Nexus Will Shake Up India’s Online Fashion Market
Inc42
·
1y ago
Medial
Shein, a popular fast fashion brand, is making a comeback in India through a partnership with Reliance Retail. The move comes as the Indian fast fashion industry is expected to grow to $30 billion by FY23. Instead of operating as a standalone entity, Shein's products will be available for purchase through Reliance Retail's apps and physical stores. Shein's parent company will receive a license fee based on the profits generated within India.
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Trump's micro-blogging platform Truth Social loses $73 million since launch
Economic Times
·
1y ago
Medial
Former US president Donald Trump's micro-blogging platform Truth Social has reported a net loss of $73 million since its launch in February 2022. The platform suffered a net loss of $50 million in 2022 and an additional $23 million in the first half of 2023. The filing also revealed that accountants have expressed doubts about the platform's future without the long-delayed SPAC merger. Truth Social has seen substantial growth since its launch and received a lifeline after Digital World Acquisition Corp. agreed to extend a critical deadline for a year.
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