Shein Group LimitedPrivate± Mixed
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Chairman change and founder taking over ahead of Hong Kong IPO; leadership transition could be seen as stabilizing or risky, but IPO progress is positive.
Donald Tang, executive chairman of Chinese fast-fashion giant SHEIN, is expected to step down, according to people familiar with the matter. The move comes as the company's Hong Kong initial public offering draws closer, with founder and CEO Sky Xu set to assume the role of chairman and lead pre-listing investor briefings. Tang will continue to work with management as a senior adviser for the time being, but is not expected to be listed as an executive in the IPO filing due to be made public within weeks. SHEIN is scheduled to undergo a listing hearing with the Hong Kong Stock Exchange on the 16th. The company declined to comment.
Chairman change and founder taking over ahead of Hong Kong IPO; leadership transition could be seen as stabilizing or risky, but IPO progress is positive.