Sen. Rubio Pushes for Transparency in China-Backed Shein IPO Amid Risk Concerns

Published on February 16, 2024

Sen Marco Rubio (R-Fla.) is calling on the chairman of the Securities and Exchange Commission (SEC) to require China-backed company Shein to make comprehensive disclosures about the nature of its business operation and “the risks of doing business” in China. The senator urged the SEC’s head to block the company’s public listing in New York if the fashion firm fails to do so to protect U.S. investors. In a letter dated Feb. 15 to SEC Chairman Gary Gensler, Mr. Rubio raised concerns over Shein’s recent approach to Chinese regulators asking for its initial public offering (IPO) approval. “Shein’s collaboration with Chinese regulators raises serious doubts that its IPO filings are complete and accurate,” Mr. Rubio wrote. “Those very regulators order Chinese companies to deceive U.S. authorities and investors about the risks of doing business in the PRC [People’s Republic of China].”...

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