Fast-fashion e-commerce giant Shein has pulled back the curtain on its finances, releasing a draft company prospectus through Hong Kong’s stock exchange on Sunday as it prepares for a long-awaited public stock offering expected sometime in late August or early September.
The filing is designed to set the stage for investor roadshows and the formal process of pricing and selling shares in its global offering.
The company cleared a major regulatory hurdle on July 10, when China’s Securities Regulatory Commission gave the green light for a Hong Kong listing. That approval came after earlier attempts to go public in both New York and London fell through.
Shein stands out as one of the most high-profile retailers to pursue a public listing in years. Many consumer-facing companies have put their IPO plans on hold, citing weak investor appetite and reduced spending among lower- and middle-income consumers.
According to the prospectus, Shein’s revenue climbed 8% in 2025, reaching $41.8 billion — up from $38.7 billion in 2024 and $32.1 billion in 2023.
However, the company’s profitability has taken a hit. Shein posted net income of $2.064 billion in 2025, a sharp decline of 38.7% compared to the $3.365 billion it earned in 2024.
