Its debut on the Hong Kong stock exchange comes at a difficult time for the company DURING the height of the Covid-19 pandemic six years ago, a little-known online retailer called Shein struck gold. Its intensive social media campaign promoting ultra-cheap clothes, including US$5 floral halternecks and US$10 pajamas, coincided with people stuck at home and spending more time on their screens. Shein’s campaign tapped into a sudden and voracious appetite for online shopping and, in 2020, sales more than tripled, propelling it into the ranks of the world’s biggest fast fashion players. Its profitability has deteriorated and revenue growth has slowed over the past year, as tighter global regulation,intense competitionand the fading of the Covid-era e-commerce frenzy weigh on its expansion. Shein posted a loss of US$99 million in the first three months of 2026, compared with a US$395 million profit over the same period in 2025.