NextFin News — Shein International Holdings Limited published its post-hearing information pack on the Hong Kong Stock Exchange on July 26, confirming it has passed the listing committee hearing for its planned IPO.
Goldman Sachs, Morgan Stanley and JPMorgan act as joint sponsors. The company earlier received China Securities Regulatory Commission approval on July 10 to issue up to 341.6 million overseas-listed ordinary shares. In 2025 Shein recorded revenue of $41.85 billion, up nearly 8 percent year-on-year, while net profit fell 38.7 percent to $2.06 billion, largely because of fair-value changes on convertible redeemable preferred shares. First-quarter 2026 revenue rose 1.1 percent to $9.05 billion, yet the company swung to a $99 million net loss from a $395 million profit a year earlier amid slower growth, higher tariffs and the same accounting items. Shein served about 160 markets and counted roughly 273 million active customers in 2025, ranking as the world’s largest online fashion destination by retail sales.
The dual-class share structure will give the four co-founders, led by Sky Xu, combined voting control of approximately 65 percent. Proceeds are earmarked for technology upgrades, brand building, global expansion and general corporate purposes. After unsuccessful attempts to list in New York and London, the Hong Kong clearance positions Shein to begin roadshows, with market estimates pointing to a valuation of $40 billion to $50 billion and a potential raise of $2 billion to $3 billion, possibly as early as late August or the following months.
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