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Shein Posts $99 Million Q1 Loss Ahead of Hong Kong IPO

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Shein Global Holdings swung to an attributable net loss of $99 million in the first quarter, compared with a net profit of $395 million in the same period a year earlier, according to financial disclosures released ahead of its planned Hong Kong listing.

The fast-fashion retailer's first-quarter net revenue rose 1.1% to $9.05 billion from $8.95 billion in the previous year.

The Q1 figures follow a drop in annual earnings, with attributable net profit for the full year 2025 slipping to $2.06 billion from $3.37 billion in 2024.

The company plans to list as early as August, aiming to raise between $2 billion and $3 billion, Bloomberg reported, citing sources.

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