Key facts
- Shein reported $2.064 billion in net income for the past year.
- The company's revenue reached $41.8 billion in 2025, an 8% increase.
- Net income in 2025 represented a 38.7% decrease from the previous year.
- Shein received approval for its Hong Kong IPO from China's securities regulator on July 10.
- The company previously attempted IPOs in New York and London.
- Shein's valuation in its last private fundraising was $66 billion.
Fast-fashion e-commerce giant Shein has revealed key financial figures, including $2.064 billion in net income and $41.8 billion in revenue for the past year, ahead of its anticipated Hong Kong IPO. The company secured approval from China's securities regulator on July 10, marking a significant step after previous IPO attempts in New York and London were stalled.
Shein's filing with the Hong Kong stock exchange sets the stage for investor roadshows and bookbuilding for its global offering, expected in late August or early September. The company's revenue saw an 8% increase in 2025, reaching $41.8 billion, up from $38.7 billion in 2024 and $32.1 billion in 2023. However, its net income for 2025 experienced a 38.7% decline compared to the $3.365 billion reported in 2024.
Founded in 2012 by Sky Xu, Shein would be one of the most high-profile retailers to list in recent years. This comes at a time when many consumer brands have postponed their IPOs due to weak investor sentiment and a slowdown in consumer spending. Shein's journey to go public has been protracted, involving attempts in both the US and London, facing scrutiny over labor practices and political sensitivities. The company's valuation has also adjusted, with its last private fundraising in May 2023 valuing it at $66 billion, and current IPO targets potentially ranging from $40 billion to $50 billion.
Beijing's approval was crucial, with new rules allowing the China Securities Regulatory Commission (CSRC) to vet offshore listings. Despite moving its headquarters to Singapore in 2022, Shein remains subject to Chinese IPO rules due to its manufacturing network in China. The successful listing would be a significant boost for Hong Kong's equity capital markets.