Shein’s potential return of its headquarters to China could also be a last-ditch effort to maintain its embattled preliminary public providing on monitor following a collection of roadblocks, in accordance to analysts. The Singapore-headquartered however Chinese-founded on-line retailer is contemplating shifting its base again to China in a bid to persuade Beijing authorities to approve its long-awaited public listing, Bloomberg reported Tuesday, citing sources conversant in the matter. Shein didn’t reply to CNBC’s request for touch upon the studies. It comes after the corporate confidentially filed for an preliminary public providing in Hong Kong final month, in accordance to a Financial Times report , shifting its aspirations away from a London listing. Melanie Tng, a Singapore-based personal capital analyst at PitchBook, stated the proposed relocation was unsurprising provided that Shein now seems set on IPO-ing in the city-state. After years of making an attempt to place itself as a international model … it is again to sq. one. head of APAC fairness capital markets at Mergermarket Perris Lee “For companies like Shein that are operating at the intersection of consumer, cross-border, and digital commerce, Hong Kong is arguably the only viable major offshore listing venue left,” Tng stated through electronic mail. Shein has confronted an uphill battle in its IPO ambitions , final 12 months shifting its consideration from a New York listing to London however however persevering with to face pushback from regulators. “Re-domiciling could therefore be a strategic move to signal regulatory alignment and improve listing visibility,” Tng added. The retailer moved its headquarters to Singapore in 2022 in a bid to look extra worldwide forward of its listing efforts. However, given its heavy sourcing and operations in China, any listing should by accredited by the China Securities Regulatory Commission (CSRC), making Hong Kong a extra straight-forward choice than every other metropolis, together with, for example, Singapore. “Hong Kong stands out as the only offshore listing venue that aligns with both Chinese regulatory expectations and international capital access,” Anand Kumar, affiliate director at Coresight Research, instructed CNBC through electronic mail. “Establishing a parent company or headquarters in mainland China could further smooth China Securities Regulatory Commission (CSRC) approval, bolster trust among Chinese institutional investors and address growing regulatory demands for local governance, data transparency and tax compliance.” Perris Lee, head of APAC fairness capital markets at Mergermarket, in the meantime famous that a potential shift of Shein’s headquarters again to mainland China steered that the enterprise had exploited all of its different choices. “After years of trying to position itself as a global brand rather than a Chinese fashion company, it’s back to square one. Worse, this latest consideration comes after its valuation has taken a nosedive,” Lee instructed CNBC through electronic mail. Valued at $100 billion three years in the past, Shein has since seen its valuation tumble. It now faces strain from buyers to lower it additional to about $30 billion , Bloomberg reported in February. The fast-fashion retailer in the meantime has confronted immense scrutiny over its provide chain and allegations over using compelled labor to produce its ultra-low price merchandise — claims the corporate vehemently denies. “For an eventual Hong Kong IPO, the real challenge would be public relations,” Lee stated. “The company and the deal advisors will need to convince investors that Shein will be worthy of the asking valuation at the time of listing following two ill-fated IPO attempts abroad, not to mention controversies surrounding fast fashion itself.” Another boon for Hong Kong A Shein listing in Hong Kong would however mark a boon for the the semi-autonomous territory, which has emerged this 12 months as one of many high listing places globally . New listing volumes on the Hong Kong Stock Exchange jumped round eight instances to $14 billion in the primary half of 2025, from simply $1.8 billion in the identical interval final 12 months, in accordance to Dealogic. PwC now predicts that the market will shut out the 12 months because the world’s largest venue for listings. These have included a variety of mainland China-traded firms in search of secondary listings in Hong Kong, for example battery maker Contemporary Amperex Technology . “A Shein IPO in Hong Kong will offer a different flavor to the IPO market, as it would be a first-time listing,” Lee stated, including that a style listing would provide a novel dimension to Hong Kong’s public markets. Pitchbook’s Tng attributed the uptick to a rebound in investor sentiment and larger streamlining of listing approvals for sectors corresponding to tech and healthcare. That compares to London, which has been battling a lackluster IPO market following a string of delistings and defections. Fundraising from London listings slumped to not less than a three-decade low in the primary half of this 12 months, in accordance to Dealogic. Coresight Research’s Kumar additionally famous that an preliminary Hong Kong listing may additionally present a gateway to a later twin listing in both London or New York, if pulled off efficiently. “Ultimately, a well-executed Hong Kong debut could stabilize Shein’s valuation and renew investor confidence — but only if it navigates regulatory, reputational and operational risks with equal agility,” Kumar stated.