Shein’s founder has entered the room, barely

When Shein, the fast-fashion retailer, went public in Hong Kong, questions swirled about its founder, Sky Xu. The reclusive Xu did appear at the Hong Kong Stock Exchange for photos, but opted not to speak or strike the ceremonial gong, unlike his counterpart at another newly listed company. Mech-Mind's founder, Shao Tian-lan, in contrast, delivered a speech, rang the gong, and posed for photos with officials.

Xu's reticence, though consistent with his private nature, was unusual for a major company's IPO. Meanwhile, Shein's corporate website features no photos of Xu or his co-founders, a stark contrast to the company's earlier global ambitions. This silence has raised concerns among politicians and advocates about the IPO plans, as the company's valuation plummeted from nearly $100 billion to around $25 billion following a disappointing debut.

Analysts suggest Xu's preference for privacy is becoming more common among Chinese businessmen, prompted by regulatory crackdowns and a shift away from conspicuous displays of success.