On August 19, 2025, Bloomberg cited informed sources as saying that fast fashion retailer Shein has considered relocating its headquarters back to China to pave the way for its Hong Kong listing plan.

At present, Shein is registered in Singapore and has consulted with lawyers regarding the establishment of a parent company in mainland China to promote its listing. However, the discussion is still in its preliminary stage and it is uncertain whether it can truly proceed. Shein Executive Chairman Donald Tang reiterated in March 2025 that the company remains committed to going public.

Shein was founded by Chinese entrepreneur Xu Yangtian in 2012 and relocated its headquarters to Singapore in 2022. It had planned to apply for listing in the United States in 2023, then moved to London and submitted a listing application locally in 2024, but both were hindered by political resistance and regulatory issues.

According to the new regulations issued by the China Securities Regulatory Commission in 2023, Chinese funded enterprises must obtain approval for overseas listing as long as their main business activities are within China, regardless of where they are registered. The founder of Shein is a Chinese citizen, and the vast majority of its supply chain network, including about 7000 third-party suppliers, is located within China. Moving its headquarters back to China is interpreted by the outside world as a signal from Shein to Beijing regulators that it is willing to accept more direct supervision, thereby clearing key procedural obstacles for the Hong Kong IPO.

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