Shein reveals key financials ahead of Hong Kong IPO

Shein, a fast-fashion ecommerce platform, has reported a net income of $2.064 billion for the previous year according to its draft prospectus released ahead of a highly anticipated IPO in Hong Kong, scheduled for late August or early September 2026. The company received approval for its listing from the China Securities Regulatory Commission on July 10, marking its comeback attempt after previous failed listings in New York and London. Despite a revenue growth of 8% in 2025, totaling $41.8 billion, Shein's net income has declined by 38.7% from the previous year. The IPO comes at a time when many brands have postponed their offerings due to weak investor sentiment.

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BEIJING, July 26 (Reuters) - 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.

Reporting by Liz Lee in Beijing; Editing by Helen Popper

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Shein reveals key financials ahead of Hong Kong IPO

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