SHEIN Files Post-Hearing Materials for Hong Kong IPO, Poised to Be Year's Largest Fashion Brand Listing

SHEIN, the fast-fashion retailer, filed its post-hearing information pack with the Hong Kong Stock Exchange on July 26, with Goldman Sachs, Morgan Stanley and JPMorgan acting as joint sponsors. If the listing proceeds as planned, it will be the largest fashion-brand initial public offering in Hong Kong in 2026. Financial data show that SHEIN's revenue reached $32.103 billion in 2023, $38.748 billion in 2024 and $41.847 billion in 2025, with a compound annual growth rate of 14.2% over the period. In the first quarter of 2026, revenue was $9.052 billion. Net profit for the same years was $2.79 billion, $3.37 billion and $2.064 billion respectively, while the first quarter of 2026 recorded a net loss of $99 million. The decline in 2025 net profit was mainly due to the United States cancelling the de minimis exemption for Chinese imports and rising tariffs. The loss in the first quarter of 2026 stemmed from a $328 million fair-value loss arising from the modification of convertible redeemable preferred shares, which is an accounting change and does not involve cash outflow. As of the end of the first quarter of 2026, SHEIN directly served approximately 160 markets globally and had 281 million active customers. By the end of 2025, the platform had 273 million active users, offering more than 2 million clothing styles, with customers discovering about 4,700 new styles per day on average. According to data from GlobalData, SHEIN surpassed ZARA, H&M and Uniqlo in 2024 to become the world's third-largest fashion retailer. In terms of apparel and footwear retail sales in 2025, SHEIN was the world's largest online fashion retail platform. Its business covers North America, South America, Europe, the Middle East, Africa, South Asia, Southeast Asia and Oceania. SHEIN operates a “large-scale automated small-order quick-response” model, with an initial order quantity of about 100 to 200 pieces and the ability to replenish stock within five days based on market feedback. This model keeps inventory turnover days at 36, maintains a full-price sell-through rate above the industry average, and keeps unsold inventory at a low single-digit percentage. From 2023 to 2025 and in the three months ended March 31, 2026, inventory write-downs and obsolescence losses accounted for approximately 1% to 2% of cost of sales. In terms of supplier empowerment, as of the end of 2025, SHEIN had developed more than 180 innovative tools, delivered 7,500 pieces of smart equipment to suppliers, and improved the efficiency of related processes by an average of 35%. In the first quarter of 2026, it delivered another 1,200 pieces of equipment. SHEIN has compressed supplier payment terms to 30 days, with the fastest settlement within seven days. Through lean production transformation and 5S management standards, it has completed the upgrade of more than 200 partner factories and renovated more than 500,000 square meters of standardized production workshops. In the first quarter of 2026, SHEIN conducted nearly 100 supplier training sessions, with nearly 8,000 participants. SHEIN has launched a dual-engine model of “self-operated plus platform”. In 2025, it upgraded its designer empowerment project into the “SHEIN Xcelerator” brand incubator platform, opening its full suite of digital industrial infrastructure to independent designers and small-to-medium manufacturers globally. The acquired overseas fashion brand Missguided achieved a performance turnaround within one year after integrating into the SHEIN ecosystem. The platform currently covers categories including apparel and accessories, beauty, home and various lifestyle consumer goods. On July 10, 2026, the International Cooperation Department of the China Securities Regulatory Commission disclosed the filing notice for SHEIN's overseas listing, allowing the issuance of up to 341.6 million ordinary shares for overseas listing and trading on the Hong Kong Stock Exchange. SHEIN has set a net-zero emissions target for 2050, which has been approved by the Science Based Targets initiative, aiming to reduce absolute greenhouse gas emissions across its full value chain by 90% from a 2023 baseline. In the 2026 Kantar BrandZ China Global Brand 50 ranking, SHEIN retained third place.