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Tag: Tang

  • Chairman Tang Steps Down as Shein Gears Up for Hong Kong IPO

    Chairman Tang Steps Down as Shein Gears Up for Hong Kong IPO

    Donald Tang, executive chairman of Shein, the global fast-fashion retailer, is preparing to step down as the company nears its public offering, according to sources with first-hand knowledge of the situation. Tang has been the public face of the company for the past three years, acting as a Western representative for Shein’s founder and CEO, Sky Xu.

    Tang’s Role and the Company’s Leadership Transition

    Tang, a Chinese American billionaire with a background in banking, has worked closely with Xu, interacting with politicians, regulators, and investors globally and representing the e-commerce giant at conferences and public events.

    As Tang steps down, CEO Sky Xu is set to assume the role of chairman and will spearhead the investor roadshow before Shein’s listing on the Hong Kong stock exchange. The company’s hearing with the exchange is scheduled for this Thursday.

    Tang will maintain a close relationship with the company’s leadership as a senior adviser for the foreseeable future, a source revealed. Despite his considerable contributions, Tang’s name will not appear in Shein’s public filing among the company’s top leadership, the sources noted.

    Previous Public Offering Attempts and Regulatory Challenges

    Initially, Tang aimed to list the company in New York and even relocated to Washington, D.C., to lobby politicians. However, as controversies surrounding Shein’s use of the ‘de minimis’ customs duty waiver grew, he voiced his support for removing the waiver in July 2023.

    Tang has also defended Shein against allegations linking its supply chain in China to forced labor, an issue strongly denied by Beijing. Shein maintains a zero-tolerance policy towards forced labor.

    Following the unsuccessful New York IPO attempt, Shein turned to London for a potential listing. Despite receiving approval from Britain’s Financial Conduct Authority, the plan fell through due to the China Securities Regulatory Commission withholding its approval. As a result, the company decided on a Hong Kong listing.

    Questions & Answers

    What has been Donald Tang’s role at Shein?
    Donald Tang has acted as the Western representative of Shein, liaising with global politicians, regulators, and investors, and representing the company at public events.

    Who will take over the role of chairman once Tang steps down?
    The current CEO of Shein, Sky Xu, will assume the role of chairman as Tang steps down.

    What were the challenges faced by Shein in their previous attempts at an IPO?
    Shein initially planned for an IPO in New York but faced criticism over its use of the ‘de minimis’ customs duty waiver. The company then pivoted to London, but the IPO was halted due to the China Securities Regulatory Commission withholding its approval. This led Shein to opt for a listing in Hong Kong.

  • Hong Kong’s Tam Jai Mixian Makes a Splash in the Philippines with Innovative ‘Mala Tang’ Concept

    Hong Kong’s Tam Jai Mixian Makes a Splash in the Philippines with Innovative ‘Mala Tang’ Concept

    Renowned Hong Kong-based noodle franchise, Tam Jai Mixian, has successfully expanded its operations to the Philippines, marking another key milestone in its regional growth strategy. This expansion was made possible through a franchise partnership with Suyen Corporation.

    Tam Jai Mixian’s new location is in the bustling Bonifacio Global City in Taguig, where it serves the brand’s signature soups, snacks, and rice bowls to the delight of local food enthusiasts. Aside from these classic offerings, this new location is also pioneering the brand’s ‘Mala Tang’ concept overseas for the first time. This innovative concept allows customers to personalize their meal by choosing their preferred soup base and spice level from Tam Jai’s 10-point scale.

    Daren Lau, the Chairman and CEO of Tam Jai International (TJI), expressed optimism about the brand’s debut in the Philippines. He emphasized that this new expansion not only strengthens the group’s regional influence but also enriches their already extensive restaurant network. Including this new location in the Philippines, Tam Jai boasts more than 250 stores spread across the Asia-Pacific region, spanning countries such as Hong Kong, Mainland China, Singapore, Japan, Australia, and Malaysia.

    Mr. Lau further indicated that the company is eager to continue its expansion efforts in key markets and grow TJI’s restaurant network. He credited the brand’s success in these ventures to its strategic partnerships with robust local partners, which have been instrumental in ensuring the successful establishment and growth of its branches in different regions.

    Questions & Answers

    What is unique about Tam Jai Mixian’s new location in the Philippines?
    It is the first overseas branch to introduce the brand’s ‘Mala Tang’ concept, which enables customers to customize their bowls by selecting a soup base and spice level from Tam Jai’s 10-point scale.

    How does the company view its expansion to the Philippines?
    The company regards its expansion into the Philippines as a key step in strengthening its regional presence and enriching its extensive restaurant network.

    What strategy does Tam Jai International (TJI) employ for its ongoing expansion?
    TJI has attributed its successful expansion to its partnerships with robust local partners, which have been vital in establishing and growing its restaurant network in key markets.

  • Malaysians sell Singapore mall

    Malaysians sell Singapore mall

    Malaysia-listed DRB-Hicom and minority partner investors are selling at property at Little India which will be converted into a mixed use development including a multi-storey shopping centre.

    The property, previously named Tekka Mall and now known as The Verge, is located opposite the Tekka Centre in Serangoon Rd and has been on the market for a year.

    Heritage Group, headed by Keith Tang, the grandson of the late Tang Choon Keng, who founded Tangs department store, has spent $317 million to buy the site.

    Heritage owns a network of luxury hotels and serviced apartments in Australia and New Zealand and this project will be the company’s first in Singapore.

    DRB-Hicom stands to record a gain of about MYR427.5 million (S$139.4 million) from the sale of the Little India mall.

    The property comprises two blocks: The Verge, a six-storey shopping mall with two basement levels; and adjoining block Chill@The Verge, an eight-storey building with two storeys of retail units and a six-storey car park. The two buildings boast a combined 238,527 sqft of retail GFA.

    Leslie Ang, a spokesman for Mr Keith Tang, told the Straits Times Tang plans to redevelop the property into “Studio by Tang” serviced apartments, a mall and a “Signature” block which is likely to be offices or retail space.

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