A draft company prospectus posted on Hong Kong's stock exchange on Sunday revealed key financial metrics for fast-fashion online retailer Shein as it prepares for a long-awaited initial public offering. The filing shows the business reported net income of $2.064 billion last year, positioning its financials front-and-center ahead of investor roadshows and bookbuilding for a global offering expected in late August or early September.
The prospectus also details sales growth and recent profitability trends. Revenue rose 8% in 2025 to $41.8 billion, up from $38.7 billion in 2024 and $32.1 billion in 2023, according to the documents. Despite top-line expansion, the filing indicates a meaningful decline in net profit in the most recent year, with net income in 2025 down 38.7% from $3.365 billion in 2024.
The submission to the Hong Kong exchange follows regulatory clearance. The retailer received approval from the China Securities Regulatory Commission on July 10, a step the company needed to move forward after prior unsuccessful attempts to list in New York and London. The approval clears a key regulatory hurdle and permits the company to progress toward its planned public offering timeline.
Shein’s move to publish a draft prospectus on the exchange lays the administrative groundwork for the promotional and allocation phases that typically precede a public listing. With the prospectus available, the company can begin conducting investor roadshows and the formal bookbuilding process that will set the terms of the global offering.
The timing comes amid an environment in which many consumer brands have postponed public debuts. The prospectus notes a broader backdrop in which weak investor sentiment and a slowdown in spending among lower- to middle-income shoppers have contributed to delays in initial public offerings across consumer sectors.
As Shein advances toward its anticipated listing window, the publicly disclosed figures will likely form the basis for investor evaluation during roadshows and bookbuilding, while the company proceeds under the regulatory clearance granted in early July.