Shein filed a draft prospectus for a Hong Kong initial public offering, disclosing details of its senior management and ownership structure.

Founded in 2012 and headquartered in Singapore, the online fast‑fashion retailer reported a $99 million loss in the first quarter of 2026, compared with a net income of $395 million in the same period of 2025.

The draft, which does not specify the size of the share offering, offer price, listing timetable or expected proceeds, lists the four co‑founders—Sky Yangtian Xu, Maggie Gu, Molly Miao and Tony Ren—as executive leaders.

Xu serves as chief executive officer and chairman after former executive chairman Donald Tang stepped down; Miao holds the chief operating officer role; Gu is chief product officer; Ren is chief supply chain officer.

The company’s board comprises seven members, including the four co‑founders and three independent directors: Denny Ting Bun Lee, Hongbin Cai and Ming Yan Lim.

Founders own 65 percent of the Cayman Islands‑registered holding company Shein Global Holdings Ltd, while investors such as IDG and Sequoia Capital hold the remainder.

Shareholders hold Class A and Class B shares, with Class A carrying ten times the voting rights of other classes, a structure the company said reflects the contributions of the beneficiaries.

The prospectus does not indicate which existing shareholders will sell shares in the offering or how ownership percentages may change post‑listing.

Reporting by Helen Reid and Scott Murdoch; editing by Sumeet Chatterjee and Sonali Paul.

Details on the offering’s scale and timeline have not yet been disclosed, and the prospectus leaves open questions about future shareholder composition.