Fast-fashion retailer Shein has revealed a first-quarter net loss of $99 million, as shown in its draft Hong Kong listing prospectus. This loss aligns with a dip in sales following the U.S. government’s cessation of the ‘de minimis’ duty-free policy.
The draft prospectus details Shein’s preparations for investor roadshows and the global offering bookbuilding, though specifics on the share sale size, offer price, and listing timetable remain undisclosed. Despite earlier setbacks in New York and London, Shein received the green light from the China Securities Regulatory Commission on July 10 for its Hong Kong listing.
Financial disclosures provide insight into Shein’s current challenges, including increased expenses and slowed growth due to regulatory pressures. The removal of the de minimis exemption, which previously allowed imports under $800 into the U.S. without duties, has affected Shein’s sales and growth. Revenue saw a slight uptick to $9.05 billion, but fair-value losses on convertible shares contributed to the loss.
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