Shein weighs China HQ move to secure Hong Kong listing

What happened Shein is reportedly weighing relocating its headquarters from Singapore back to Mainland China. The relocation to Nanjing, where the brand was first launched in 2012, would smooth the path for approval from Chinese regulators as the fast-fashion giant pursues a listing on the Hong Kong Stock Exchange. According to reports, the company submitted a draft prospectus privately for a Hong Kong listing — an unusual step in a market where filings are typically public. This marks the retailer’s third attempt to go public after setbacks in both New York and London. The company transferred its head office to Singapore in 2022, though the bulk of its supply chain has remained in China. Sources familiar with the matter said Shein has recently consulted with legal advisors on setting up a new parent entity in China. Such a step could help secure clearance from the China Securities and Exchange Regulatory Commission (CSRC), an essential requirement for a Hong Kong listing. The Jing Take Despite facing IPO challenges in London, Shein has seen continued success when it comes to sales in the U.K. In 2024, Shein increased its U.K. revenue by roughly one-third to more than 2 billion British pounds ($2.54 billion), far surpassing domestic rivals Asos and Boohoo. The Chinese e-tailer’s profit jumped 56% to 38.2 million British pounds ($48.5 million), and it paid 9.6 million British pounds ($12.2 million) in corporation tax. The growth was fueled by new offices in London and Manchester, a temporary store in Liverpool, and a Christmas-themed promotional bus tour across the country. The brand has also established itself as a major player in Germany and France. Shein’s broader European financial results are expected to be released later this year. Shein was valued at 50 billion British pounds ($63.5 billion) when it explored a London listing, after its attempt to go public in New York was blocked by U.S. regulators. However, Beijing withheld approval for a U.K. flotation, while the fast-fashion giant continues to draw scrutiny from campaign groups, British lawmakers, and investors over its labor and supply chain practices. Although officially registered in Singapore, Shein remains under the jurisdiction of China’s CSRC, which requires any company with strong operational ties in China to undergo regulatory review before pursuing an overseas listing. Much of Shein’s production still takes place in China. Shein’s Hong Kong listing would give the brand access to international capital while keeping it within China’s regulatory control. At the same time, the Chinese e-commerce platform’s strong sales performance in Europe shows that consumer appetite continues, despite rising political, ethical, and regulatory tensions between Chinese producers and Western governments. How Shein manages this balancing act between overseas growth and domestic oversight will determine its future as one of China’s rising global fast fashion brands. The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.

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Shein weighs China HQ move to secure Hong Kong listing