![]() Now, consultants point to TikTok, and the ferocity with which it has been questioned by US lawmakers over its Chinese ownership and potential data security risks. Huawei was the primary target of the political backlash a few years back. “There’s almost this automatic take by the US government that these companies are potentially a risk,” because of the inference that they could share data with the Chinese government, or act in a nefarious capacity, he added. “When you talk about corporate entities that are seen as being in one way or another connected to China, you sort of start opening this can of worms,” said Ben Cavender, a Shanghai-based managing director of strategy consultancy China Market Research Group. It’s easy to see why companies are taking this approach. PDD, Shein and TikTok did not respond to requests for comment on this story. “While we did have a customer service call center based in China to service global Mandarin speakers, those employees who wished to remain with the company were offered relocation assistance starting in 2021,” a spokesperson said. In a statement this week, Binance told CNN that the company “does not operate in China, nor do we have any technology, including servers or data, based in China.” In addition, the Financial Times reported in March that the firm had obscured its links to China for years, including the use of an office there until at least the end of 2019. Chen Lin/ReutersĪs for Binance, there are questions about whether its lack of a physical global headquarters is a deliberate strategy to avoid regulation. The fast fashion giant recently moved its headquarters to the city-state. ![]() Shein's office in the central business district of Singapore, seen in October 2022. Now, its website clearly states Singapore as its headquarters, alongside “key operation centers in the US and other major global markets,” without mentioning China. The company’s answer outlined “key operation centers in Singapore, China, the US and other major global markets,” without directly identifying its main hub. Nor did it say where it was based, stating only that it was an “international” firm.Īnother Shein corporate webpage, which has since been archived, lists frequently asked questions, including one about its headquarters. In 2021, as the online fast fashion giant gained popularity in the United States, its website did not mention its backstory, including the fact that it first launched in China. ![]() Shein, meanwhile, has long played down its origins. 'Too good to be true?' As Shein and Temu take off, so does the scrutiny Shein, the online retailer that has turbocharged the global fast-fashion industry, is planning to deepen its foothold in the US as its sales to American shoppers continue to soar, the Wall Street Journal reports. Shoppers take photos at the Shein pop-up store in New York, US, on Friday, Oct. But in the last few months, the company changed its name and moved to the Irish capital, without providing an explanation. Until earlier this year, PDD was headquartered in Shanghai and known as Pinduoduo, also the name of its hugely popular e-commerce platform in China. The firm is Boston-based and its parent, PDD, lists its head office as Dublin. Temu, the online marketplace that has grown rapidly in the United States and Europe, casts itself as a US company owned by a multinational firm. “It may affect your image, it may affect how regulators around the world literally treat you and your access to credit, markets, partners, in some cases land, raw materials.” “Being a Chinese company is potentially bad for doing global business and comes with a variety of risks,” said Scott Kennedy, a senior adviser and trustee chair in Chinese business and economics at the Center for Strategic and International Studies. Experts say the treatment of companies such as TikTok, owned by Beijing-based ByteDance, has served as cautionary tales for businesses deciding how to position themselves abroad and has even led to the recruitment of foreign executives to help curry favor in certain markets. ![]() The trend comes at a time of unprecedented scrutiny for Chinese businesses in the West. Zhao has been vocal about how he feels his firm is misrepresented as a "Chinese company." Benoit Tessier/Reuters ![]() Binance CEO Changpeng Zhao attending a conference in Paris in June 2022. ![]()
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