On August 24, SHEIN (00625.HK) officially launched its global offering, with the maximum offer price set at HK$49.5 per share and trading expected to begin on the Hong Kong Stock Exchange on September 1. Based on the top end of the price range, SHEIN’s market valuation is projected to exceed HK$200 billion.
According to the global offering announcement, once the offering is completed, SHEIN’s founder, executive director, and CEO Xu Yangtian will hold and control a total of 799 million Class A shares and 487 million Class B shares through intermediate holding entities. That translates to roughly 30.3% of the company’s total issued shares, along with about 49.9% of the voting rights at shareholder meetings. Based on these figures, the market value of Xu’s stake would exceed HK$60 billion at the time of listing.
Xu Yangtian, now 42, was born in Zibo, Shandong Province. He enrolled at Qingdao University of Technology in 2003, majoring in international trade. After graduating in 2007, he joined a foreign trade company called Aodao Technology. In 2009, Xu struck out on his own, pivoting into cross-border e-commerce with a focus on wedding dresses. Two years later, in 2011, he acquired the domain SHEINSIDE.com and expanded from bridal wear into full-category apparel. Since SHEIN’s inception, Xu has served as chairman of the board, executive director, and CEO.
Public records show that Xu made the Forbes China Rich List in 2022. According to Forbes data as of March 10, 2026, his net worth stood at $6 billion, ranking him 694th on the Forbes Global Billionaires List.
SHEIN, founded by Xu in 2012, operates as a fashion and lifestyle retailer that served approximately 273 million active customers across around 160 markets throughout 2025. By clothing and footwear retail sales in 2025, SHEIN ranks as the world’s largest online fashion platform.
The company previously attempted listings in New York and London, but both efforts fell through. On July 10, 2026, SHEIN’s Hong Kong listing received CSRC filing approval, with plans to issue no more than 341.6 million shares. By July 26, SHEIN had disclosed its post-hearing information pack, signaling it had cleared the listing hearing. If all goes smoothly, it will become the largest cross-border e-commerce IPO on the Hong Kong Stock Exchange in 2026.
SHEIN’s IPO has attracted a roster of top-tier institutions. Goldman Sachs, Morgan Stanley, and J.P. Morgan are serving as joint sponsors and overall coordinators, while cornerstone investors include Boyu, Tiger Global, General Atlantic, Tencent, Greenwoods, Taikang Life Insurance, and UBS AM Singapore.
The global offering announcement reveals that SHEIN plans to offer approximately 279.99 million Class B shares in total (subject to reallocation and the exercise of the over-allotment option). Of these, around 28 million shares are earmarked for the Hong Kong public offering (subject to reallocation), while approximately 251.99 million shares are for the international offering (also subject to reallocation and over-allotment). The offer price range is set between HK$47.6 and HK$49.5 per share.
Based on the midpoint of the offer price range at HK$48.55 per share, SHEIN’s net proceeds from the global offering are estimated at approximately HK$13.123 billion. Of this, roughly 40% is earmarked for enhancing the company’s technology capabilities, another 40% for boosting brand awareness and strengthening its global footprint, about 10% for corporate responsibility initiatives, and the remainder for general corporate purposes.
The prospectus shows that from 2023 through 2025, SHEIN’s net revenue came in at $32.103 billion, $38.748 billion, and $41.847 billion respectively, with net profits of $2.79 billion, $3.37 billion, and $2.064 billion over the same period.
In the first quarter of 2026, SHEIN generated revenue of $9.052 billion, compared to $8.952 billion in the same period last year. Breaking that down by region: revenue from the United States reached $2.04 billion, accounting for 22.5% of total revenue; Europe contributed $2.908 billion, or 32.1%; and other regions brought in $4.1 billion, representing 45.4% of revenue.
In its announcement, SHEIN also flagged multiple risk factors. The company noted that while it has grown rapidly since its founding, there’s no guarantee that growth will continue. In particular, for the three months ended March 31, 2026, it recorded a net loss of $99 million, and there’s no assurance it will achieve or sustain profitability in the future.
