Fast-fashion retailer Shein Group Ltd. has considered moving its base back to China in the hopes that it would help sway Beijing authorities to sign off on the fast-fashion retailer's plans to go public in Hong Kong, according to people familiar with the matter.

Beijing

Shein, the global fast-fashion retailer, is reportedly considering relocating its headquarters from Singapore back to China. This potential move comes as the company faces ongoing difficulties in obtaining regulatory approval for its initial public offering (IPO) in New York, London, and now Hong Kong. Chinese regulators have expressed concerns over Shein's current structure, which limits China's taxation and data oversight, potentially stalling the IPO process.

Discussions about the relocation are still at a preliminary stage, and no final decision has been made. The company is under pressure due to declining private market valuations and increased business challenges, including the loss of duty-free shipping to US consumers. Shein is seeking a solution that would allow its initial investors to exit before market conditions worsen further.

Shein weighs moving back to China

This is a really significant piece of new information that we've uncovered. We do know that Xi'an really has been 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 Xi'an's efforts to sort of pretend that, I mean, not pretend, but sort of not be perceived as a Chinese company. It moved its 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, Xi'an really, this would be a big Hail Mary 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. And Rachel, do we know, do we have a timetable for this? Do we know when? We don't. I mean, we know that 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 Xi'an 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 de minimis waiver that allowed its parcels to go to US consumers duty-free, that's under Trump's tariff barrage. That has really affected its business as well. So Xi'an is really looking for a way now to get those initial investors the exit that it needs before their business conditions deteriorate even more.

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