Campaign group launches attempt to thwart Shein £50bn IPO

Stop Uyghur Genocide, a UK-based campaign created to end genocide reportedly being committed against Uyghurs and other Turkic groups by the Chinese state, has launched a judicial process to thwart Shein’s rumoured £50bn float on the London Stock Exchange.

It comes as the campaign group raises concerns over alleged forced labour in the company’s supply chain.

Legal documents, seen by The Telegraph, connected to the Financial Conduct Authority’s (FCA) regulatory decision on Shein’s listing show the claim.

The Chinese-founded, Singapore-based retailer reportedly filed for its London Stock Exchange Initial Public Offering (IPO) listing in June this year.

Stop Uyghur Genocide is calling on the FCA to block the potential float due to alleged evidence indicating Shein has benefited from forced labour.

It said: “The publicly available evidence and Shein’s inability to answer simple questions about its supply chain raises a real risk that Shein’s cotton products, the profits from the sale of those products, and any securities issued by Shein are the proceeds of crime.”

Last month, Shein was accused by MPs of “wilful ignorance” and behaviour that “bordered on contempt” by failing to answer questions over its supply chain to a parliamentary committee.

Liam Byrne, chairman of the cross-party Business and Trade Committee, said during the hearing: “For a company that sells billion pounds [of products] to UK consumers and for a company which is seeking to float on the London Stock Exchange, the committee has been pretty horrified by the lack of evidence that you have provided.”

Drapers has contacted Shein for comment.