Preliminary

Lean against The sweat of Chinese workers, and China's industrial chain, Xiyin put More than 260 billion yuan in revenuePut it in his pocket.

But at the 2024 Saudi Summit, when the host mentioned "Chinese company Xiyin"When, the company Not only was he not grateful to China, he immediately cut it, saying he is "Singapore Company".

This out. "Eat China food and smash China bowls"The drama makes people angry, seeing The difficulty of nowadays.Understand what it is called. “It is impossible to live.”……

The untouchable Chinese.

Everything Xiyin is proud of-that makes people Jaw-dropping "fast", essentially a kind of "Heavy" that cannot be peeled off or copied, all its magic originates from a geographical coordinate: Guangzhou, China.

of here. New Town and New Town., densely distributed More than 3,000 cooperative factories, forming a huge, efficient, and sophisticated industrial cluster as a neural network.

Imagine this scenario: More than 1.2 million workers work on this land to fight up and down the industry chain. Up to 95% of horror.This means that the chains, buttons, and fabrics needed to produce a clothes, Almost all of them can be found within a few kilometers。

It is this kind of Extreme industrial ecology.was born. 7 days, 10 days of delivery.speed, and can even be Make a brand-new pair of jeans in 24 hours.

This supply chain is a living and huge living organism rooted in the soil of the Pearl River Delta. It Heavy, complex and unable to move.However, Hye’s executives have a naive fantasy: they think that this “heavy” pattern can be manipulated. Easily “lightweighted” and copied overseas.

VietnameseBecoming their imaginary experimental field and burial place, Heung ambitiously throws 700 acres of land to build warehouses in the area. Trying to rebuild a canyon.

But the reality gave them a loud ears, in Vietnam, The power supply is extremely unstableWithin a year, there were as many as 12 power outages, the factory's machines turned and stopped, and the production rhythm was completely disrupted.

Even more deadly Quality Control, the defective rate of local factories is higher than that of domestic A full 15% higher, which means that every batch of goods is produced, there are Lots of residues.needs to be dealt with, The cost and waste are shocking.

Logistics is a nightmare., it takes more than ten days to transfer goods from one place, and the whole production cycle Extended to 30 days., completely lost the soul of "fast". In the end, this failed "light" replication attempt directly led to 200 million orders.Gone to nothing.

This costly failure brutally reveals a fact: the soul and body of Shen, All in ChinaHowever, it insists on using its "brain" Set in a distant place。

The company will be headquartered in Guangzhou. Moving to Singapore, forming an extremely weird organizational structure: on one side, there are only a few hundred people at the Singapore headquarters, Responsible for management, finance and sales integration。

On the other side is a Guangzhou team of up to 8,000 people, controlling everything such as production and logistics The core life.This logical crack between the legal "light" headquarters and the operational "heavy" core. future collapselaid the most dangerous foreshadowing.

Dressed in the City of Lion.

Why does Xiyin carry out this competition so persistently? "The Great Shift of Heaven and Earth"？ The answer is simple: Suitly, it tries to switch nationality status, Two completely opposite dividends.--It requires both the unparalleled cost advantages and efficiency of "Made in China" and the benefits brought by "Singapore Brand" Low tax rates and high valuations。

The financial calculations behind this are crackling. Through its unique business model, Xiyin integrates domestic suppliers ' profitSpace is tightly compressed in 5% to 10%between the .

This means that a clothes made in China at an extremely low cost, They are sold at high prices after being shipped abroad.Out, the huge profits generated in the middle, did not remain in the production site, but through a series of financial operations, eventually settled in Singapore, where the corporate tax rate was lower than 10% on average.

In China, this figure is 25%. It is estimated that in the past three years alone, if Xiyin's headquarters remained in China, it might need to Tax payments of up to 8.6 billion yuanThe operation performed more naked in the UK market, with reports pointing out that Shenzhen accounted for 84 percent of its UK revenue. Everything was cleverly transferred to Singapore in the name of "procurement cost".。

In addition to real financial gains, Shing also tried to do so. brand arbitrageHe thinks, Tear off the label of "Made in China"can help themselves. Avoiding the long-standing low-quality bias of the European and American marketsRemoving barriers to overseas trading.

such Hurry to cut.The mentality of Xiyin was reached at an artificial intelligence summit in Saudi Arabia in September 2024, when the host introduced Xiyin as a company “Great Chinese Companies”At that time, its vice-president, Donald Crawell, was almost unconsciously on the spot to correct: “SHEIN is a Singapore company.”

He defined China as a Manufacturing and Supply Chain Bases "Using"This kind of public distancing has undoubtedly deeply stung those who have established a foundation for the rise of their empire. Chinese factory owners and workers.。

The entire line collapsed.

When a company's operating model and brand identity are completely misaligned, The break of the chain of trust就只是时间问题，瑞典快时尚品牌H&M就侵权问题将其告上法庭时，希音的第一反应 Not taking responsibility., but The responsibility has been completely shifted to China suppliers.

such "I'll run first when I'm in trouble"The practice, Completely chilled the hearts of partners, this move directly led to 20% of the core factories in its supply chain network choosing to stop cooperating, which is tantamount to Self-severed arm, shaking the foundation of productivity on which it relies for survival.

It comes from external supervision. Global encirclement and suppression, its The business modelIt began to appear out of place within the global regulatory framework, and in France it was sentenced for environmental issues. Massive fines of up to $12.6 billion。

In Italy, it is because Product quality is inconsistent with publicityare facing.” Survey that misleads consumersEU regulators have released a warning that will be issued due to its ongoing compliance issues. More severe punishment.。

Those who were younger than him, The enthusiasm is decaying.The data showed that among the core user group aged 18-25 years, their re-buy rate has dropped from a peak of 52 percent to 41 percent.

The market punishment is direct and cruel, and the loss of consumer confidence is rapidly reflected in the financial statements. Profits Slide, Debt Soars, the once hundreds of billions empire Trunken.

conclusion

The foundation of an enterprise always lies in its The core link of value creationAny act that tries to vague or even deny this through legal and financial tricks, no matter how “international” it is packaged, will eventually prove to be only The Air Cabinet.。

Xiyin's story provides a profound warning to all ambitious global enterprises: Forgetting the foundation is equivalent to giving up the future.

Source of information:

"Xiyin's global headquarters moved back to China?" The richest man in Zibo "is facing a critical fight" Dazhong Daily 2025-08-27
“SHEIN exposed headquarters returned home, overseas “punishment” continues” positive news 2025-09-26
"SHEIN: When IPO rumors resurface, what should we pay more attention to?" Titanium Media APP2023-11-11
SHEIN to go to the U.S. IPO for 15 years in exchange for "Singapore" status, is it also regulated by the China Securities Regulatory Commission?
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