Donald Tang will step down as executive chairman of Shein, the Singapore-headquartered fast-fashion ecommerce retailer founded in China, as its Hong Kong initial public offering nears.

Founder and chief executive Sky Xu is set to become chairman and lead the roadshow ahead of a July 16 Hong Kong exchange hearing.

Shein’s earlier New York listing attempt was blocked amid scrutiny from US lawmakers.

Its London plan then stalled after China’s securities regulator withheld approval, pushing the company to Hong Kong.

In Hong Kong, a listing hearing is where the exchange’s committee determines whether an applicant can proceed.

The roadshow usually follows approval in principle, putting the deal in its final weeks before pricing and listing, if it goes ahead.

Tang will remain a senior adviser after three years as Shein’s representative during scrutiny over de minimis imports and forced labor allegations.

A US House committee said Shein and Temu likely accounted for more than 30% of packages shipped to the US each day under the rule.

Public reports put the Hong Kong float at US$30 billion to US$50 billion, though the range is speculative and below private valuations of US$100 billion in 2022 and US$66 billion in 2023.

🔗 Source: Reuters

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