Shein passes listing hearing, advancing Hong Kong IPO

The online fashion retailer could launch its listing in the weeks ahead, as it continues its aggressive overseas expansion

By Teri Yu

Online fashion and lifestyle retailer Shein Global Holdings Ltd. has passed its listing hearing with the Hong Kong Stock Exchange, marking a key step toward launching an IPO likely to be one of the exchange’s largest this year.

The company cleared another important regulatory hurdle last month after securing approval for the listing from the China Securities Regulatory Commission (CSRC), while maintaining a confidential filing in Hong Kong. Shein plans to issue up to 341.6 million shares in its Hong Kong IPO, which could launch as early as this week.

According to its post-hearing information pack published on Sunday, Shein is the largest online fashion destination globally, with 273 million active customers last year. The company’s revenue grew at a brisk average rate of 14.2% annually from 2023 to 2025, reaching $41.8 billion in 2025, with apparel accounting for 63.8% of the total. Its net profit last year totalled $2.06 billion.

The company was founded in China in 2012 by entrepreneur Xu Yangtian and by 2018 it recorded 10 million annual active customers, establishing strong recognition as a go-to platform for fashionable apparel.

Shein said its business is built around its proprietary large-scale automated test and reorder (LATR) operating model that tests products in small batches, quickly gathers customer feedback, and restocks popular items fast, while balancing product variety, speed, and inventory.

Backed by an end-to-end intelligent supply chain and a global fulfilment network, the model helps Shein launch frequent new styles, respond to demand in days rather than weeks, and offer affordable fashion at scale. As of March this year, the company offered over 2 million apparel styles, with around 4,700 new styles added each day. It has also expanded beyond clothing into footwear, accessories, beauty, home and lifestyle products.

Shein says it works closely with brands and designers through its Xcelerator Programme, by combining their strengths with Shein’s operational capabilities.

The company largely sells its products overseas, with sales spanning approximately 160 markets with a heavy focus on Europe, the U.S., Australia and the Middle East. Shein has also moved to deepen its presence in Latin America.  The company said it worked with over 7,500 contract manufacturers last year.

Shein has attracted backing from an A-list of global investors over the years, including HSG, formerly known as Sequoia China, as well as IDG, Boyu, General Atlantic and Tiger Global, underscoring the strong institutional interest in its story. Leading global investment banks Goldman Sachs, Morgan Stanley and JPMorgan are underwriting the deal.

The IPO would be one of Hong Kong’s largest this year, and one of its most closely watched in recent years, gauging investor appetite for large consumer offerings. With the listing and the additional capital, Shein is expected to accelerate its global expansion and strengthen its position as a leading online fashion marketplace.

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