Shein expands Singapore office amid rumoured IPO listing

IndustryNews

Shein is rapidly expanding its Singapore office, after making a Singapore firm its de-facto holding company, Reuters reports.

Shein’s founder and chief executive officer Chris Xu has also become a permanent resident of Singapore, according to documents seen by the publication.

Last year, the fast fashion giant de-registered its main business, Nanjing Top Plus Information Technology Co Ltd, a Chinese corporate filing shows.

The Singapore expansion is in line with previous Reuters reporting, detailing Shein’s New York IPO plans, with Xu’s citizenship change intended to bypass strict Chinese rules for offshore IPOs.

READ MORE: Shein plans $2 billion global supply chain base in Guangzhou

The Singapore registered company Roadget Business Pte currently lists Xu and three others as its representatives. Since late 2021, it has been the legal entity operating the marketplace’s global website, according to Singapore filings.

According to Reuters, Shein is aiming to quadruple its number of Singapore employees to around 200 by the end of the year. The company is currently advertising for positions in government relations, HR and IT.

If successfully finalised, Shein’s New York IPO would be the “first major equity deal by a Chinese company in the United States since China’s regulators began tightening oversight of such listings last July,” the publication said.

IndustryNews

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