Hong Kong

Shein disclosed strong 2025 revenue of $41.8 billion but a 38.7% drop in net profit to $2.064 billion, with a Q1 loss of $99 million tied to fair-value adjustments and pressures from the US de minimis duty exemption removal. The company has CSRC approval for a Hong Kong listing, with an anticipated late-August/early-September IPO aimed at funding IT and AI initiatives amid ongoing growth and competitive pressures.

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