Fast-fashion retailer Shein has taken a major step toward going public on the Hong Kong stock exchange, releasing a draft prospectus that for the first time pulls back the curtain on the company’s leadership team and ownership breakdown. The company was originally founded in China in 2012.
The document, which sets the stage for investor presentations and the formal share-sale process, revealed that Shein posted a $99 million loss during the first quarter of 2026 — a dramatic shift from the $395 million profit it recorded during the same three-month period one year prior.
Shein, which operates out of Singapore, stopped short of revealing the number of shares it intends to offer, the price of those shares, the timeline for the listing, or how much money it expects to raise through the IPO.
Here is a breakdown of Shein’s leadership and ownership structure as outlined in the prospectus:
The company has four co-founders: Sky Yangtian Xu, age 42; Maggie Gu, age 44; Molly Miao, age 41; and Tony Ren, age 40.
Xu serves as chief executive officer and has guided the company’s use of artificial intelligence and machine learning to track fashion trends and anticipate consumer demand. Xu is also taking on the role of chairman following the departure of executive chairman Donald Tang from that position.
Miao holds the title of chief operating officer and has been central to shaping the company’s overall business direction, international growth, and daily operations. Her work has included leveraging social media for marketing and pushing the brand into new global markets.
Gu is the chief product officer, leading efforts to expand and adapt Shein’s product offerings. She has focused on broadening the company’s range to give shoppers a wide variety of fashion and lifestyle items at low price points.
Ren serves as chief supply chain officer, managing relationships with suppliers, promoting the company’s internal supplier software, and improving international shipping efficiency. He also handles public affairs and corporate responsibility matters.
Shein’s board of directors consists of seven members, including the four co-founders. The three independent board members named in the prospectus are Denny Ting Bun Lee, Hongbin Cai, and Ming Yan Lim.
Lee serves on the boards of companies including Nio and New Oriental Education and Technology. Cai is the dean and chair professor of the Faculty of Business and Economics at the University of Hong Kong. Lim chairs the Changi Airport Group.
The four co-founders collectively hold 65% of Shein Global Holdings Ltd, the Cayman Islands-registered parent company, through various investment vehicles. The remaining ownership is held by investors that include IDG and Sequoia Capital.
The prospectus did not specify which shareholders plan to sell shares in the IPO or how existing investors’ stakes might change as a result of the offering.
Senior Shein executives hold two classes of shares — Class A and Class B. Class A shareholders carry voting rights ten times greater than those of other investors. Shein stated that this weighted voting structure allows those beneficiaries to maintain control because they have, in the company’s words, “materially contributed to the success of our company.”
