Cross-border e-commerce platform Shein pledged on Tuesday to invest more than 10 billion yuan ($1.46 billion) over the next three years to strengthen its supply chain in Guangdong province, a move believed to signal a deeper commitment to the domestic market.

The announcement was made by Shein founder Xu Yangtian at Guangdong's high-quality development conference, where he outlined the company's plans to further consolidate its presence in the province.

"We will continue to deepen our roots in Guangdong and invest more than 10 billion yuan to build Shein's smart supply chain system, working together to create a world-class fashion industry cluster," Xu said.

Against the backdrop of an ongoing listing window and evolving external regulatory conditions, the relocation of core business functions back to China is viewed as paving the way to streamline IPO review procedures and consolidate its domestic operational foundation.

According to Pan Helin, a renowned economist, although Shein has achieved solid growth in overseas e-commerce markets, its brand presence in the domestic market remains relatively weak, making it difficult to establish a strong foothold amid fierce competition. In addition, competition overseas is becoming increasingly intense, while consumer loyalty in cross-border e-commerce tends to be limited.

"Against this backdrop, a return to Guangdong signals the platform's intention to further expand and deepen its presence in the domestic market," Pan said.

Pan added that even though the company expresses its intention to return, whether it ultimately follows through will depend on concrete actions and implementation. "All parties should also work to create a favorable business environment for companies like Shein seeking to reintegrate," he said.

According to Xu, since establishing its presence in Guangzhou, Guangdong, in 2014, Shein has witnessed steady business growth. The platform's export value has surpassed 100 billion yuan, with product offerings ranging from apparel and footwear to beauty and household goods, and a market reach spanning more than 160 countries and regions.

In terms of industrial impact, Xu said the platform now collaborates with nearly 10,000 suppliers in Guangdong, helping support more than 600,000 jobs across the province.

Xu also highlighted Guangdong's famous "small-batch, quick-response" model. Linking garment factories with logistics hubs through digitalized systems, the local supply chain aligns real-time market demand with production, shortening the turnaround time from design to delivery to just two to three weeks.

Beyond expanding its supply chain footprint, the company has also adjusted its domestic operational structure in recent years.

In November, Shein inaugurated its China research and development center and national operations center in Nanjing, Jiangsu province. Together with its established manufacturing and supply chain base in Guangzhou, the move has created a dual-engine structure, pairing research and development and nationwide operations in Nanjing with large-scale production and fulfillment capabilities in Guangdong.

The strategic realignment comes as the company continues to navigate an uncertain listing trajectory. In June, the company submitted a confidential listing application to the Hong Kong stock exchange. Prior to that, the company's IPO plans had shifted among the United States, United Kingdom and Hong Kong Special Administrative Region, with no concrete progress toward a listing to date.