Online fashion retailer Shein has confidentially filed for an initial public offering in Hong Kong, with documents providing the first official details of its ownership and senior leadership structure. The filing, reported by sources familiar with the matter, outlines the key figures leading the Singapore-headquartered company, which was originally founded in China in 2012.
According to the prospectus cited in reports, founder Xu Yangtian, also known as Chris Xu, holds the roles of chief executive officer and chairman. The documents confirm that Xu is the largest single shareholder, controlling approximately 37% of the company.
The filing also names Donald Tang, a former Bear Stearns investment banker, as Shein’s executive chairman. Tang joined the company in 2022 and has since become a public representative for the retailer, engaging with officials and media globally. Other key investors identified in the ownership structure include venture capital firms Sequoia China, now known as HongShan; General Atlantic; and the United Arab Emirates’ sovereign wealth fund, Mubadala.
Shein formally shifted its corporate headquarters to Singapore from Nanjing, China, in 2022, and the company is registered as Roadget Business Pte. Ltd.
Financial details included in the filing indicate significant growth for the fast-fashion retailer. According to reports from Reuters and The Wall Street Journal, Shein generated over $2 billion in profit for the 2023 fiscal year, on a gross merchandise value of $45 billion. This follows a reported profit of $700 million in 2022 and $1.1 billion in 2021. The company was valued at $66 billion during a funding round in May 2023.
The move to list in Hong Kong follows earlier considerations for a public offering in New York. The company has faced scrutiny from U.S. lawmakers regarding its supply chain, labor practices, and its use of a U.S. tax provision that exempts individual packages of low value from tariffs. In response to these concerns, Shein has stated it maintains a zero-tolerance policy for forced labor and requires its contract manufacturers to comply with a code of conduct based on International Labour Organization conventions.
The China Securities Regulatory Commission (CSRC) has reportedly accepted Shein’s application for an offshore listing. Under regulations implemented in 2023, Chinese companies must receive approval from the securities regulator before proceeding with listings on foreign exchanges.
Shein has not publicly commented on the details of its IPO filing, which remains confidential. The Hong Kong Exchanges and Clearing market also does not comment on individual listing applications. The timing and final approval of the listing are subject to review by regulatory authorities.
