Shein Weighs Return to China as It Seeks Greenlight for Hong Kong IPO

Shein’s high-stakes push for a public listing has taken a new twist. The fast-fashion giant is reportedly considering shifting its corporate base back to China from Singapore in a bid to win Beijing’s approval for a Hong Kong initial public offering (IPO), according to Bloomberg.

Sources cited in the report said Shein has already consulted legal advisers on the possibility of creating a new parent company in mainland China.

While the talks are still preliminary and no final decision has been made, the move underscores how critical Beijing’s support is to the company’s listing ambitions.

The potential restructuring comes after prolonged delays in Shein’s efforts to list in London. The company, which confidentially filed for a Hong Kong IPO last month according to the Financial Times, had sought to complete a London debut more than a year ago but ran into regulatory hurdles.

Founded in Nanjing in 2008, Shein grew into a global e-commerce powerhouse and shifted its headquarters to Singapore in 2019, officially relocating in 2021.

Yet despite its international presence, much of Shein’s supply chain remains deeply rooted in China—making regulatory alignment with Beijing pivotal to its IPO strategy.

A London listing was once viewed as a way to bolster Shein’s global credibility and tap into deep pools of Western investment.

But the company has faced mounting pushback in key markets. In the U.S., allegations of forced labor within its supply chain thwarted IPO attempts, while President Donald Trump’s recent removal of a tariff exemption on small imports from China added fresh challenges.

Similar trade curbs are under consideration in other Western countries, intensifying the headwinds Shein faces abroad.

Analysts now suggest that Hong Kong, given its closer regulatory and geographic ties to China, may prove the most practical destination for the company’s market debut.

Still, Shein’s deliberations over shifting its corporate framework highlight the complex balancing act it must navigate—managing scrutiny overseas while securing approval at home—to achieve its long-sought IPO.