Shein reveals key financials ahead of Hong Kong IPO

Fast-fashion ecommerce platform Shein ​recorded net ​income of $2.064 billion last year, ​a draft company prospectus published by Hong Kong's stock exchange on Sunday showed, ahead of ‌a ⁠long-awaited ⁠IPO expected in late August or early ​September.

Shein's filing lays the groundwork for investor roadshows ​and official bookbuilding of its global offering.

The retailer won approval from the ​China Securities Regulatory Commission ⁠for its ‌Hong Kong listing on ​July ​10, clearing the way for ⁠a listing after failed attempts in ​New York and London.


A fast-growing ​e-commerce giant, Shein would be the highest-profile retailer to list in years, as many consumer brands have delayed initial public offerings due ‌to weak investor sentiment and a slowdown in spending among ​lower- to ​middle-income shoppers.

Shein's ⁠revenue grew 8% in 2025 to $41.8 billion, compared to $38.7 billion in 2024 and $32.1 billion ​in 2023, the filing showed.

However, its net income in 2025 is a 38.7% fall from the $3.365 billion in 2024.