Shein 大动作：拟迁回中国，为港股 IPO 铺路？

Core Viewpoint - Shein Group Ltd. is considering relocating its headquarters back to China to facilitate regulatory approval for its IPO plans in Hong Kong, following unsuccessful attempts to list in New York and London [2][3]. Group 1: IPO Plans and Regulatory Challenges - Shein has been facing difficulties in its IPO journey, particularly after failing to secure regulatory approval from the China Securities Regulatory Commission (CSRC) for a London listing, which has shifted its focus to Hong Kong [3][7]. - The company has submitted a confidential application for a Hong Kong IPO, which requires approval from Chinese regulatory authorities due to its substantial ties to China [2][3]. - The potential relocation to China could help Shein gain approval from Chinese regulators, as it would allow the company’s revenues to be taxed by Chinese authorities [4][6]. Group 2: Business Structure and Tax Implications - If Shein establishes a parent company in mainland China, its current Singapore headquarters and all overseas operations would become subsidiaries [5]. - The move back to China is also seen as a way to comply with new data security regulations that require local government oversight before an overseas IPO [6]. Group 3: Market Position and Valuation - Shein's valuation has significantly decreased from $100 billion three years ago to approximately $30 billion, largely due to competitive pressures from rivals like Temu and regulatory challenges in key markets [6]. - The company has faced scrutiny over allegations of forced labor in Xinjiang, which contributed to the abandonment of its New York listing plans [7]. - The Hong Kong IPO, if successful, would mark a significant milestone in a year where the market has become increasingly attractive for IPOs [8].