Shein Officially Lists! Becomes Hong Kong Stock Market’s Largest Fashion Brand IPO of the Year

On the morning of September 1, global online fashion and lifestyle company Shein (stock code: 00625) officially listed on the Main Board of The Stock Exchange of Hong Kong Limited. The completion of this listing makes it the largest fashion brand IPO on the Hong Kong stock market in 2026. Partners and employee representatives from multiple regions around the world jointly witnessed the important moment of the bell-ringing ceremony for the listing. Based on retail sales in 2025, Shein is the world’s largest online fashion destination, and also ranks among the top five apparel and footwear companies globally, serving approximately 273 million active customers across around 160 markets worldwide.

The listing ceremony fully demonstrated the company’s globalized and diversified business profile. Employee and partner representatives from China, Europe and the United States, Brazil, the Middle East and other countries and regions gathered to witness the bell-ringing moment. Attendees included warehouse staff who have participated in the construction of the global fulfillment network and continuously optimized inventory turnover and fulfillment speed, domestic suppliers that have achieved transformation and upgrading through the empowerment of Shein’s end-to-end intelligent supply chain digitization, as well as heads of fashion brands supported by the "SHEIN Xcelerator" program. Representatives from multiple links across the entire industry chain gathered to welcome this new milestone in the company’s development.

With its pioneering and proprietary "Large-scale Automated Test and Reorder" (LATR) operating model, Shein has solved the "trilemma" facing the fashion industry, achieving an optimal balance among product selection diversity, new design launch speed and inventory management efficiency. By offering a rich, highly inclusive, constantly updated and extremely cost-effective product portfolio, the company meets the diverse needs of consumers, reshapes the way consumers pursue fashion, and helps people around the world access fashion and express their individuality.

Shein recorded net revenue of US$41.8 billion in 2025, with a compound annual growth rate of 14.2% from 2023 to 2025. It also posted a net profit of US$2.06 billion in 2025, maintaining a steady growth trend in operating performance, with its profitability continuously validating its business resilience. Compared with traditional fashion retailers and e-commerce platforms that only focus on a small number of nodes in the supply chain, Shein has realized digital integration across the entire value chain. In addition, it has continued to research and develop new tools, equipment and processes adapted to production scenarios, and built an integrated industrial talent cultivation system that includes supplier skills training and a "production-education-evaluation" skills ecosystem chain, empowering partners to grow together.

Over the past decade or so, Shein has developed this operating model into an industry infrastructure, opening up a more refined and more sustainable development path for the global fashion industry. It launched the "SHEIN X" program in 2021 to empower individual designers and artists, and upgraded and expanded the project to the "SHEIN Xcelerator" program in October 2025, fully opening its supply chain infrastructure and global sales platform to independent brands. These innovative business segments have strong growth momentum, and also form a positive complement to the company’s own brands, opening up entirely new growth areas.

Shein’s global offering totals approximately 279.99 million Class B shares, with the final offer price set at HK$48.56 per share. The net proceeds from the global offering are approximately HK$13.214 billion. The company will allocate the proceeds in accordance with the disclosed purposes, continuing to invest in enhancing technological capabilities, brand awareness and global footprint, as well as promoting corporate responsibility initiatives.

A Shein representative stated: "The listing on the Hong Kong stock market is a new starting point for Shein. In the future, we will continue to innovate and optimize supply, create win-win outcomes with our supply chain partners, and embed the concepts of compliance, transparency and ESG throughout the entire value chain, allowing consumers around the world to fully enjoy the beauty of fashion."

This article was first published on the official website of Ebrun.