This is really significant piece of new
information that we've uncovered. We do
know that Shen really has been a b in a
bind in terms of trying to get this IPO
off the ground. It hasn't managed to get
regulatory approval in New York or
London. Now it's trying to IPO in Hong
Kong where that approval from China is
all the more necessary. But what we also
know is that Chinese regulators really
see you know Shien's efforts to sort of
pretend that I mean not pretend but sort
of not be a ch not be perceived as a
Chinese company. you know, it moved its
headquarters headquarters to Singapore
in 2021. What that means is, you know,
China does not get any of its taxation.
China does not have oversight of the
data that it collects and we do know
that these are issues that, you know,
with the regulator has held up the
approval for them to go public. So, you
know, Shien really this would be a big
hailmary move for them. You know, it
would be a huge change to their
structure moving back to China, but it
might be the only way that they can IPO.
Rachel, do we know do we have a
timetable for this? Do we know when?
>> We don't. I mean, we know that the the
talks are very preliminary. The work is
preliminary. We do not know for sure
that they'll move forward with it. But
we do know that Shien really does not
have many options right now. Its
valuation in private markets has also
fallen quite a bit because its business
is facing a lot of headwinds. You know,
the loss of the the dimminimous waiver
that allowed its parcels to go to US
consumers duty-free, that's under
Trump's um tariff barrage. that has
really affected its business as well. So
Shien is really looking for a way now to
get that in those initial investors the
exit that it needs before their business
conditions deteriorate even