SHEIN被指转移收入避税？港股能否迎来今年最大IPO？

Core Viewpoint - The recent news highlights SHEIN's strategy of transferring revenue from its UK subsidiary to Singapore to minimize tax liabilities, raising concerns about tax fairness and compliance [1][3]. Group 1: Financial Performance and Taxation - SHEIN's UK subsidiary reported sales of £2 billion in the last year but only paid £9.6 million in corporate tax, prompting public scrutiny regarding the actual profit reported in the UK versus that reported in Singapore [3]. - A significant portion of the sales, over £1.72 billion (approximately ¥16.6 billion), was classified as procurement costs transferred to the Singapore headquarters, resulting in minimal taxable income in the UK [3]. - In contrast, SHEIN's Singapore operations benefited from a low tax rate of 5% under Singapore's "Development and Expansion Incentive Scheme," leading to a total tax payment of nearly ¥2 billion over three years [6][7]. Group 2: IPO and Market Strategy - SHEIN's potential IPO in Hong Kong is seen as a strategic move, with the company aiming to present better financial performance by consolidating UK revenue under its Singapore headquarters [5]. - If SHEIN successfully lists in Hong Kong, it could become the largest IPO in the market this year, with an estimated market valuation approaching HK$400 billion, significantly exceeding previous major listings [5]. - The timing for SHEIN's IPO is favorable, as the Hong Kong market has seen substantial fundraising activity, making it an opportune moment for the company to enter [5]. Group 3: Headquarters Relocation and Regulatory Considerations - There are indications that SHEIN may consider relocating its headquarters back to China to facilitate its Hong Kong IPO, which could enhance its chances of receiving regulatory approval [6]. - However, the company faces challenges in this potential relocation, particularly regarding the Singapore government's support, which has been crucial for SHEIN's operations in recent years [6][7]. - The outcome of SHEIN's headquarters relocation and its implications for the IPO remain uncertain, as the company has not disclosed specific plans regarding this move [7].