Shein’s Big I.P.O. Test

Shein aims to win over Wall Street and Washington In filing confidentially for an initial public offering , Shein, the ultrafast-fashion retailer, is showing ambition on two fronts.

The company and its underwriters are betting that investors will be more receptive to I.P.O.s, even though high-profile market debuts this fall largely fizzled out. Shein is also testing whether it can endure what’s likely to be an increase in political heat on the China-founded e-commerce giant.

The company has cut some of its most prominent ties to China, after drawing pushback from Washington. Some of its changes have included moving its headquarters to Singapore and de-registering its original incorporation in Nanjing. The company has also set up operations in Ireland and Indiana and hired an array of lobbyists in the U.S.

But that hasn’t been enough to erase the scrutiny. “No one should be fooled by Shein’s efforts to cover its tracks,” Senator Marco Rubio , Republican of Florida, wrote in a letter to other lawmakers.