Xiyin plans to conduct an IPO from August 24 to August 27, aiming to globally offer 280 million Class B shares and introduce cornerstone investors such as Tencent and Tiger Global

According to the Zhitong Finance APP, Shein-W (00625) will conduct an initial public offering from August 24, 2026, to August 27, 2026, intending to globally offer 280 million Class B shares, with approximately 10% allocated for public offering in Hong Kong and about 90% for international offering, along with a 15% over-allotment option. The offer price per share is set between HKD 47.60 and HKD 49.50, with a minimum purchase of 100 shares of Class B stock. The Class B shares are expected to begin trading on the Stock Exchange at 9:00 AM on September 1, 2026 (Tuesday).

The group is a global online fashion and lifestyle company, serving approximately 273 million active customers across about 160 markets during 2025. The group meets the diverse needs of consumers by offering a wide range of highly inclusive, constantly updated, and cost-effective products, reshaping the way consumers pursue fashion. The group has pioneered its own operational model, "Large-scale Automated Small Orders with Quick Returns" (LATR), which is the ultimate solution to the long-standing challenges in the industry. This model enables the group to achieve the best balance between product selection diversity, design update speed, and inventory management efficiency. The group has a global network of partners. As the group makes its supply chain more agile, robust, and resilient, it empowers partners to grow and develop together with the group.

The group has entered into cornerstone investment agreements with Boyu, Tiger Global, General Atlantic, Tencent, Jinglin, Taikang Life, and UBS AM Singapore (each a cornerstone investor, collectively referred to as cornerstone investors), under which the cornerstone investors have agreed, subject to certain conditions, to subscribe or procure their designated entities to subscribe for shares with a total offer price not exceeding approximately USD 383 million (assuming an offer price of HKD 48.55, which is the median of the indicative offer price range, and excluding brokerage commissions, SFC transaction fees, and exchange fees) for the number of shares available for subscription (rounded down to the nearest complete trading unit of 100 shares of Class B stock) (each a cornerstone investment, collectively referred to as cornerstone placement).

Assuming an offer price of HKD 48.55 per share (the median of the offer price range of HKD 47.60 to HKD 49.50), after deducting the underwriting commissions and other estimated expenses payable by the group for the global offering, and assuming the over-allotment option is not exercised, the group estimates that it will receive net proceeds of approximately HKD 13.123 billion from the global offering. According to the group's strategy, it plans to use the net proceeds from the global offering for the following purposes as detailed below: (1) approximately 40% or about HKD 5.249 billion is expected to be used to enhance the group's technological capabilities. (2) approximately 40% or about HKD 5.249 billion is expected to be used to increase brand awareness and enhance global presence. (3) approximately 10% or about HKD 1.312 billion is expected to be used to strengthen the group's corporate responsibility. (4) the remaining balance of approximately HKD 1.312 billion is expected to be used for general corporate purposes In recent years, the group's net income has significantly increased, reaching USD 32.1 billion, USD 38.7 billion, and USD 41.8 billion in 2023, 2024, and 2025, respectively. The group's net income rose from USD 9 billion for the three months ended March 31, 2025, to USD 9.1 billion for the three months ended March 31, 2026. The group's operating profit for 2023, 2024, and 2025 was USD 1.376 billion, USD 966 million, and USD 1.707 billion, respectively. For the three months ended March 31, 2025, and March 31, 2026, the group's operating profit was USD 348 million and USD 258 million, respectively