Shein reveals key financials ahead of Hong Kong IPO
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.
