希音回香港上市：欧洲不“放过”，我们就该“放过”吗？

Core Viewpoint - The article discusses the controversies surrounding the brand Shein, highlighting its regulatory challenges in the global market, particularly in Europe and the U.S., and questions the feasibility of its potential return to the Chinese market for an IPO given its compliance issues [2][3][5][10]. Group 1: Regulatory Challenges - Shein has faced multiple compliance accusations globally, including improper use of cookies, leading to a €150 million fine from French authorities [3]. - The company is accused of using data collection techniques that violate user privacy, even after users have opted out [5]. - Shein's algorithm lacks transparency, which has drawn criticism from regulatory bodies, particularly under the EU's Digital Services Act [3][5]. Group 2: Ethical Concerns - Investigations revealed that Shein's products often feature false discounts, manipulating consumer behavior through urgency tactics [5]. - The company is also facing allegations of labor law violations in its supply chain, including the use of child labor and forced overtime in factories located in countries like Vietnam and Bangladesh [5][7]. - Shein's strategy of offshoring data storage to evade local regulations has raised further concerns about its compliance with EU data localization requirements [5][7]. Group 3: Financial and Tax Issues - Shein's UK subsidiary is under investigation for allegedly transferring 84% of its sales revenue to its Singapore parent company to reduce tax liabilities [7]. - The potential for Shein to return to China for an IPO raises questions about the integrity of regulatory standards, especially given its ongoing issues in Western markets [8][10]. Group 4: Broader Implications - The article emphasizes the need for stringent regulatory oversight to prevent companies like Shein from exploiting regulatory gaps, suggesting that leniency could undermine market integrity [10]. - It argues that allowing Shein to operate without addressing its compliance issues would set a dangerous precedent for the industry, potentially leading to long-term negative consequences [10].