Shein reports $2 billion profit as Hong Kong IPO nears

The company’s revenue climbed to $41.8 billion in 2025, marking an 8% increase over the previous year. Despite this top-line growth, the bottom line suffered significantly, with profits retreating from the $3.365 billion reported in 2024. These figures arrive just weeks after the China Securities Regulatory Commission granted the retailer the regulatory approval required to move forward with the listing.

Shein now stands as one of the most anticipated market entries in recent years. While many consumer-facing brands have shelved their public offering plans amid cautious investor sentiment and cooling global retail spending, the company is pushing ahead. Following previous attempts to list in New York and London, the Hong Kong offering represents a critical test for the brand’s ability to sustain its rapid expansion in a tightening economic climate.