A Uyghur rights group announced Wednesday that it has partnered with law firm Leigh Day to urge the Financial Conduct Authority (FCA) to block Shein from listing on the London Stock Exchange due to concerns over forced labor.
FCA Asked To Block Shein IPO : Campaign Against Shein’s London IPO
U.K.-based Stop Uyghur Genocide stated that it has already written to the FCA, asserting that Shein has “imminent plans” to file a prospectus for a public listing in London. This move follows Shein’s decision to abandon an initial U.S. launch amid similar allegations.
The London Stock Exchange would need to supervise Shein and implement measures to prevent trading of products linked to forced labor, particularly those involving the Uyghur ethnic minority in China’s Xinjiang region. However, activists express doubt about the exchange’s ability to enforce such measures.
Investment Community’s Responsibility
“Our investment community must not support companies like Shein who are reportedly linked to the Chinese state and which we believe may enable the ongoing genocidal policies against Uyghurs,” said Rahima Mahmut, executive director of Stop Uyghur Genocide and a prominent Uyghur activist.
