Shein, the online fashion and lifestyle company, launched its Hong Kong public offering on August 24, seeking to raise up to USD 1.8 billion and list on the Main Board of the Hong Kong Stock Exchange on September 1. The company is offering about 280 million Class B shares globally at a maximum offer price of HKD 49.5 (USD 6.3) per share. As of August 25, Shein said investor demand had fully covered the Hong Kong offering.
According to its prospectus, Shein recorded net revenue of USD 41.8 billion and net profit of USD 2.064 billion in 2025. It served 273 million active customers and offered more than two million apparel styles. The company is also expanding beyond fashion retail by opening parts of its supply chain to global brands, a shift it frames as building infrastructure for the fashion industry.
Supply chain efficiency underpins growth
According to China Insights Consultancy, the global online fashion market expanded from USD 522 billion in 2021 to USD 606 billion in 2025. Based on apparel and footwear retail sales value in 2025, the consultancy ranked Shein as the world’s largest online fashion destination.
A central part of Shein’s operating model is its LATR system, short for large-scale automated test and reorder. Shein began testing the model in 2014. It uses small initial orders to gauge demand before increasing production.
