ZOOM-How Shein had to make peace with China to finally go public
Article excerpt
* The Hong Kong IPO follows unsuccessful attempts to list in New York and London * Shein had spent years highlighting its strengths as an international company * Founder Xu then sought to build ties with Chinese authorities, according to sources * Highlighting Shein's commitment to China helped convince authorities, according to sources When Shein goes public on Tuesday, it will be in Hong Kong, not New York or London as it once dreamed - symbolizing the long journey the online fast-fashion retailer has had to make to embrace its identity as a Chinese company.Shein, which made headlines by moving its headquarters to Singapore at the end of 2021 and spent years touting its strengths as a global company, first attempted to go public in New York and then in London. On both occasions, according to sources, the company did not obtain the approval of Chinese authorities, particularly the financial market regulator, which oversees foreign-registered companies with significant operations in China.After redirecting its efforts towards a Hong Kong IPO in the first half of 2025, Shein founder Sky Xu sought to build ties with Chinese authorities and became more personally involved in relations with regulatory and financial market authorities in China, according to two people familiar with the matter.Ordinarily reluctant to make public appearances, Sky Xu also spoke at an economic forum...
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This commitment was made a few months after Shein inaugurated a research and development center in Nanjing, a city in eastern China where the company was founded in 2012.
