Shein's draft Hong Kong prospectus shows net income of $2.064 billion for last year, a 38.7% fall from 2024, even as revenue rose 8% to $41.8 billion. The fast-fashion platform is expected to list in late August or early September, after failed attempts in New York and London.
Shein recorded net income of $2.064 billion last year, according to a draft prospectus that Hong Kong's stock exchange published on Sunday, ahead of a long-awaited initial public offering expected in late August or early September. That figure is a 38.7% fall from the $3.365 billion the ecommerce platform recorded in 2024.
The filing lays the groundwork for investor roadshows and official bookbuilding of Shein's global offering. The retailer won approval from the China Securities Regulatory Commission on July 10, clearing the way for a Hong Kong listing after failed attempts in New York and London.
Sales moved in the other direction. The filing put Shein's 2025 revenue at $41.8 billion, an 8% rise from $38.7 billion in 2024, which itself followed $32.1 billion in 2023.
Meanwhile, many consumer brands have delayed initial public offerings because of weak investor sentiment and a slowdown in spending among lower- to middle-income shoppers. Against that, Shein would be the highest-profile retailer to list in years.
Source: CNBC
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