Shein reports 2025 profit, then $99 million Q1 loss in Hong Kong IPO filing

Shein's Hong Kong IPO plans now include a clearer picture of its ownership and governance, adding to earlier disclosures that showed 2025 net income of $2.064 billion on revenue of about $41.8 billion to $41.9 billion before a $99 million loss in the first quarter of 2026. The company received China Securities Regulatory Commission approval for the listing on July 10, 2026, plans to issue about 341.6 million H-shares, and is targeting a $2 billion to $3 billion raise at a valuation of $40 billion to $50 billion, well below its 2022 and 2023 private-market valuations. Founder and CEO Chris “Sky” Xu is estimated to hold roughly 30% to 33% of Shein, while other early founding members collectively hold about 55.8%, leaving public investors with limited influence over corporate direction. Donald Tang is set to step down and Xu is expected to become chairman as well, further concentrating authority. Major backers include General Atlantic, HongShan, Tiger Global, Brookfield, SoftBank, Mubadala Investment and Saudi Arabia's Public Investment Fund. The filing process follows failed listing attempts in New York and London and positions Hong Kong as Shein's third try at going public. Investor roadshows are expected ahead of a possible listing hearing, with some sources suggesting a market debut as early as August 2026. Earlier prospectus disclosures also pointed to weaker U.S. sales, rising fulfilment and marketing costs, and reputational and supply-chain scrutiny as the company works toward one of Hong Kong's largest debuts in recent years.