Shein Reportedly Considers Moving HQ Back to China For Hong Kong IPO

Shein may be plotting a move in alignment with its aspirations to go public.

Shein is reportedly contemplating moving its headquarters back to China (where the company was founded) from Singapore, its current base, Bloomberg reported. In doing so, the outlet said Shein hopes to persuade authorities in Beijing to approve its bid for a Hong Kong initial public offering (IPO).

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The Financial Times reported last month that the fast-fashion company had filed for an IPO in Hong Kong; the fast-fashion company has notoriously struggled to find a sound landing location for the IPO it has reportedly pursued in two other markets: New York and London. Its U.S. IPO attempt faced scrutiny over its alleged involvement with forced labor, while its London IPO filing has faced regulatory hurdles, according to CNBC.

New York or London could have provided an air of credibility to the company, which in Western markets has caught backlash from multiple directions—shoppers, consumer organizations and governments alike. It has also struggled to garner approval for an offshore IPO from Hong Kong; although Shein has been based in Singapore since 2021, it was founded in Nanjing, China, in 2008, and Chinese regulators still require companies with strong ties to the country to go through a review process before listing in any global market.

But now that it has applied to list on the Hong Kong exchange, it has gone as far as consulting lawyers to discuss the creation of a mainland China-based parent company, per Bloomberg’s report.

If the parent entity is created, Shein’s other operations—in Singapore and in global markets—would become subsidiaries of that entity.

Sources reportedly noted that while discussions have begun, moving Shein’s headquarters back to China is not a guarantee. Those familiar with the matter said moving back could be advantageous because it would mean that the company’s income would be taxed directly in China.

Shein has long faced scrutiny from global regulators, including U.S. officials who say that the company’s ties to the Chinese government are already concerning. Recent policy changes, like President Donald Trump’s decision to collapse the de minimis exemption for parcels inbound from Hong Kong, have also been aimed at stunting Shein and its competitors’ business models. That decision has been reinforced by the passage of Republicans’ megabill, which will see the total collapse of de minimis from all countries in 2027.

Shein did not immediately return Sourcing Journal’s request for comment.

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