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Shein is preparing for a leadership change as its initial public offering draws nearer. Chairman Donald Tang is stepping down, while founder and CEO Sky Xu will take over as chairman. The move coincides with the approval of the Hong Kong listing by Chinese regulators.
Key figure in the IPO
As the new chairman, Sky Xu is also expected to lead the investor roadshow in the run-up to the planned IPO in Hong Kong. However, Tang has served as the public face of the fashion group for the past three years. According to insiders, he will continue to work closely with senior management and remain with the company as a senior advisor.
Tang joined Shein after a career in banking, including a stint as chief executive of Bear Stearns Asia. The company recruited him for his experience with political, regulatory, and financial relations in China and the United States. He played a key role in Shein’s attempt to go public. Initially, the retailer aimed for a listing in New York, but later shifted its focus to London.
Those London plans were later scrapped because Chinese regulators did not give the green light, despite support from British authorities. Since then, Shein has been focusing on Hong Kong. A hearing at the Hong Kong Stock Exchange is scheduled for Thursday, while the official filing is expected in the coming weeks.
