SHEIN Passes HKEX Listing Hearing with 2025 Revenue of $41.8 Billion
Cross-border fast-fashion platform SHEIN has passed the Hong Kong Stock Exchange (HKEX) listing hearing, moving its Hong Kong IPO into the final stage. The company reported 2025 revenue of $41.847 billion and net profit of $2.064 billion. In the first quarter of 2026, revenue was $9.052 billion, with the U. S. market contributing 22.5% and Europe 32.1%. Global active users grew to 273 million by 2025. Founder Xu Yangtian holds a 33% stake, while IDG Capital and Sequoia China own 7.9% and 5.8%, respectively.
Cross-border fast-fashion platform SHEIN has passed the listing hearing of the Hong Kong Stock Exchange (HKEX), after obtaining a filing from the China Securities Regulatory Commission two weeks earlier.
According to the prospectus, the company reported 2025 revenue of $41.847 billion and net profit of $2.064 billion. In the first quarter of 2026, revenue stood at $9.052 billion, of which the U. S. market accounted for 22.5% and Europe 32.1%.
SHEIN's user base grew from approximately 186 million in 2023 to about 273 million in 2025. As of the end of March 2026, the company held cash and cash equivalents of $4.313 billion.
Founder Xu Yangtian holds a 33% stake, while IDG Capital and Sequoia China own 7.9% and 5.8%, respectively. The executive directors are Xu Yangtian, Miao Miao, Gu Xiaoqing, and Ren Xiaoqing.
The passing of the listing hearing marks the final stage of SHEIN's Hong Kong IPO.
Why this event matters
The event has a measured impact on 1 industry. The strongest current signal is positive for Cross-border E-commerce, with intensity 65/100 and 75% confidence over a short term horizon.
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