On July 26, 2026, SHEIN (SHEIN) updated its post-hearing information pack with the Hong Kong Stock Exchange, marking that it has officially passed the listing hearing for the Main Board of the Hong Kong Stock Exchange. Goldman Sachs, Morgan Stanley and JPMorgan acted as the joint sponsors.

If successfully listed, SHEIN will become the largest cross-border e-commerce IPO on the Hong Kong stock market in 2026.

According to the post-hearing information pack, based on retail sales of apparel and footwear in 2025, SHEIN is already the world’s largest online fashion retail platform. Data from consulting firm GlobalData shows that in 2024, SHEIN surpassed ZARA, H&M and Uniqlo to become the world’s third-largest fashion retailer, behind only Nike and Adidas. As of the end of 2025, SHEIN had 273 million active users on its platform, covering approximately 160 markets worldwide.

In terms of financials, SHEIN reported total revenue of $41.847 billion in 2025, with a compound annual growth rate (CAGR) of 14.2% from 2023 to 2025; net profit reached $2.064 billion in 2025. In the first quarter of 2026, revenue was $9.052 billion, up 1.1% year-on-year; however, affected by a $328 million fair value loss on convertible redeemable preferred shares, it recorded a net loss of $99 million for the quarter.

The IPO targets a valuation of approximately $40 billion to $50 billion, with an expected fundraising size of $2 billion to $3 billion. The proceeds will be used to enhance technological capabilities, expand global brand presence, increase sustainability efforts and supplement working capital.

On the shareholder front, founder Xu Yangtian is the controlling shareholder and actual controller, and the company adopts a weighted voting rights (WVR) structure. Well-known investors including IDG Capital, Sequoia, Boyu, Tiger Global and DST have participated. SHEIN received overseas listing registration from the China Securities Regulatory Commission two weeks ago, which approved the issuance of up to 342 million ordinary shares for overseas listing.

From New York to London and then to Hong Kong, SHEIN’s listing journey has taken several years. This approval of the hearing by the HKEX marks that the global fast-fashion giant is now just one step away from landing on the Hong Kong stock market.