July 27 (Reuters) – Shein’s draft prospectus for a Hong Kong market listing has for the first time shed light on the top management and ownership structure of the online fast-fashion retailer, which was founded in China in 2012.
The filing, which lays the groundwork for investor roadshows and official bookbuilding of its much-awaited IPO, showed that Shein posted a $99 million loss in the first quarter of 2026 compared with a net income of $395 million a year earlier.
The Singapore-headquartered company did not disclose the size of the Hong Kong share sale, the offer price, the listing timetable, or expected proceeds from the offering in the draft prospectus.
Below is a summary of Shein’s top management positions and ownership structure, as mentioned in the prospectus.
• Shein’s co-founders are Sky Yangtian Xu, 42, Maggie Gu, 44, Molly Miao, 41, and Tony Ren, 40.
• As the CEO, Xu oversaw adoption of data-driven design, using AI and machine learning to analyse fashion trends and predict demand, among other things. Xu takes on the chairman role, after executive chairman Donald Tang stepped down.
• Miao is Shein’s chief operating officer. She has been shaping the business strategy, global expansion and day-to-day operations. Miao used social media-driven marketing efforts and focused on global expansion and localisation.
• As chief product officer, Gu leads product innovation and market adaptation efforts. She has led the efforts to expand product range to offer consumers a vast selection of fashion and lifestyle products at affordable prices.
• As chief supply chain officer, Ren has overseen ties with suppliers, promoted use of the company’s supplier software and streamlined cross-border shipping. He also oversees public affairs and corporate responsibility.
• Shein announced a board with seven members including the four co-founders. The independent board members are Denny Ting Bun Lee, Hongbin Cai, and Ming Yan Lim, the draft prospectus showed.
• Lee sits on the board of companies including Nio and New Oriental Education and Technology. Cai is the dean and chair professor of the University of Hong Kong’s Faculty of Business and Economics. Lim is the chair of Changi Airport Group.
• The four Shein co-founders own 65% of the Cayman Islands-registered holding company Shein Global Holdings Ltd, via their different investment vehicles, while investors including IDG and Sequoia Capital own the remaining stakes.
• The draft prospectus did not disclose which entities will sell shares in the IPO or the possible changes in the shareholding of existing investors.
• Shein top management executives hold Class A and Class B shares. The Class A shareholders have 10 times the voting rights of other investors. Shein said the weighted voting rights structure allowed the beneficiaries to exercise voting control as they had “materially contributed to the success of our company”.
(Reporting by Helen Reid in London and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and Sonali Paul)
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