Shein, ahead of a planned Hong Kong IPO, has disclosed its management and ownership structure, giving investors their first real look at who controls the company.

The China Securities Regulatory Commission granted Shein Global Holdings Ltd. approval for the listing on July 10, 2026. The company plans to issue approximately 341.6 million H-shares, targeting a raise of $2 billion to $3 billion.

Who actually owns Shein

Founder and CEO Chris “Sky” Xu is the largest individual shareholder, estimated to hold roughly 30% to 33% of the company. Other early founding members collectively hold approximately 55.8% of the company, according to earlier reports.

General Atlantic, HongShan (formerly Sequoia China), Tiger Global, Brookfield, and SoftBank are all counted among Shein’s major backers. Sovereign wealth funds including Abu Dhabi’s Mubadala Investment and Saudi Arabia’s Public Investment Fund (PIF) also have stakes.

Donald Tang is set to step down, with Sky Xu himself taking over as chairman, consolidating further control in the hands of the founder.

A valuation reality check

Shein’s IPO target valuation sits between $40 billion and $50 billion. Shein’s last private fundraising round in May 2023 pegged the company at $66 billion. Before that, in 2022, it was valued at nearly $100 billion.

Shein’s original plan to list in New York fell apart. A subsequent attempt to go public in London also stalled. Hong Kong represents the third attempt, and the CSRC approval suggests Beijing is willing to let this one proceed.

The planned timeline has the company conducting investor roadshows ahead of a possible listing hearing, with some sources suggesting a debut as early as August 2026.

Why this matters beyond fashion retail

For the broader Hong Kong exchange, a successful Shein listing would be a significant win. Landing a company at a $40 billion to $50 billion valuation would rank among its largest debuts in recent years.

Sky Xu’s dual role as CEO and incoming chairman concentrates significant authority. The founding team’s combined 55.8% stake and Xu’s personal 30% to 33% position means public shareholders will have limited influence over corporate direction.

The $2 billion to $3 billion in fresh capital will likely fuel Shein’s expansion into new markets and deepen its logistics infrastructure. The company’s algorithm-driven supply chain, which can take a design from concept to shipping in as little as a few days, remains its core competitive advantage.