希音发布招股书草案拟在港上市，第一季度转亏9900万美元Shein Releases Draft Prospectus for Hong Kong Listing Amid Q1 Loss
快时尚巨头希音（Shein）在周日晚间发布了招股说明书草案，并已清除关键监管障碍，预计将在数周内于香港挂牌上市。然而，最新的财务数据显示，该公司在2026年第一季度录得9900万美元的净亏损，而去年同期则为盈利3.95亿美元；第一季度净收入微增1.1%至90.5亿美元。此前在2025年全年，希音的净收入增长近8%至418.5亿美元，但净利润大幅下滑38.7%至20亿美元。希音在招股书中警告称，公司在2026年面临多重风险，其净收入和利润正受到关税、潜在定价压力、区域需求疲软以及物流和材料成本上升的挤压。其中，欧盟本月开始对低价值电商进口商品征收3欧元（约合3.42美元）的费用，这增加了销售成本并可能影响短期销量。欧盟市场对希音至关重要，占其2025年及2026年第一季度净收入的约三分之一。在纽约和伦敦上市尝试受挫后，希音此次在香港的上市计划将直接测试投资者在贸易壁垒增加和全球电商增长势头减弱背景下的投资胃口。
Fast-fashion giant Shein released a draft prospectus late Sunday and has cleared key regulatory hurdles, with an expected listing in Hong Kong within weeks. However, the company's latest financial disclosures show it recorded a net loss of $99 million in the first quarter of 2026, reversing a $395 million profit from the same period a year earlier, while Q1 net revenue edged up 1.1% to $9.05 billion. This follows a full year in 2025 where Shein's net revenue rose nearly 8% to $41.85 billion, but its net profit slumped 38.7% to $2 billion. Shein warned of multiple risks in 2026, noting that net revenue and profits are pressured by tariffs, potential pricing pressures, weaker regional demand, and higher logistics and material costs. In particular, the European Union, which accounted for about a third of Shein's net revenue in 2025 and Q1 2026, imposed a €3 ($3.42) fee on low-value e-commerce imports this month, raising selling costs and likely hurting short-term volumes. After failed listing attempts in New York and London, Shein's upcoming Hong Kong debut will test investor appetite as global trade barriers rise and e-commerce momentum wanes.
01推进香港上市计划Advancing Hong Kong Listing Plans
快时尚零售商希音在周日晚间发布了招股说明书草案，其在香港的上市计划进入了实质性阶段。在顺利清除关键的监管障碍后，该公司预计将在未来数周内正式在香港挂牌上市。这一进展是在希音此前尝试在纽约和伦敦两地上市遭遇挫折之后取得的，其香港首秀将成为市场关注的焦点。
Fast-fashion retailer Shein released its draft prospectus late Sunday, marking a significant step forward in its plans to go public in Hong Kong. Having cleared key regulatory hurdles, the company is now expected to list its shares on the Hong Kong stock exchange within the coming weeks. This development follows previous failed attempts by the Singapore-headquartered firm to secure listings in both New York and London.
希音最初曾尝试在纽约和伦敦进行首次公开募股（IPO），但未能成功。此次转向香港市场并发布招股书草案，是该公司在经历海外上市受阻后做出的重要战略调整。随着全球电商增长势头放缓以及贸易壁垒不断增加，希音在香港的上市进程将直接测试国际投资者对这家快时尚巨头的信心与胃口。
The upcoming debut in Hong Kong represents a major shift in Shein's capital markets strategy after its initial listing efforts in the United States and the United Kingdom stalled. As global e-commerce momentum wanes and international trade barriers continue to proliferate, Shein's imminent listing will serve as a key test of investor demand and appetite for the fast-fashion giant under changing market conditions.
近期亚洲及香港市场重大IPO与上市历程Recent Major IPOs and Listings in Asian and Hong Kong Markets
梳理近期亚洲及香港资本市场的关键上市节点，帮助读者理解希音此次香港上市所处的市场背景与估值环境。
Traces key listing milestones in Asian and Hong Kong capital markets to help readers understand the market backdrop and valuation environment for Shein's Hong Kong IPO.
由蚂蚁国际支持的金融科技独角兽Mynt正式提交上市申请，拟募资至多15亿美元，有望创下菲律宾历史上规模最大的IPO纪录。
Ant International-backed fintech unicorn Mynt officially filed for an IPO on the Philippine Stock Exchange, aiming to raise up to $1.5 billion, which would mark the largest IPO in Philippine history.
通用与丰田支持的中国自动驾驶初创公司Momenta在香港交易所挂牌上市，通过IPO募资58.9亿港元，首日股价温和上涨。
Chinese autonomous driving startup Momenta, backed by GM and Toyota, debuted on the Hong Kong Stock Exchange, raising HK$5.89 billion with a muted first-day stock performance.
苹果公司供应商立讯精密在香港交易所挂牌上市首日下跌超5%，但该股仍成功募资242.7亿港元，成为香港2026年迄今规模最大的IPO项目。
Apple supplier Luxshare Precision Industry debuted on the Hong Kong Stock Exchange, with its shares falling over 5% on the first day, though it successfully raised HK$24.27 billion, marking Hong Kong's largest IPO of 2026 so far.
02第一季度业绩转亏与2025年利润下滑First-Quarter Loss and 2025 Profit Slump
根据希音最新披露的财务数据，这家总部位于新加坡的快时尚零售商在2026年前三个月录得9900万美元的净亏损。这一业绩较去年同期实现了大幅逆转，2025年第一季度该公司曾录得3.95亿美元的净利润。与此同时，希音在2026年第一季度的净收入仅微幅增长1.1%，达到90.5亿美元，显示出其营收增长速度已明显放缓。
According to Shein's latest financial disclosures, the Singapore-headquartered fast-fashion retailer recorded a net loss of $99 million for the three months ending March 2026. This performance represents a sharp reversal from the same period in the previous year, when the company posted a net profit of $395 million. Meanwhile, Shein's net revenue for the first quarter of 2026 experienced a marginal increase of just 1.1 percent, reaching $9.05 billion.
这一季度亏损延续了该公司自2025年以来的利润下滑趋势。在2025年全年，希音的净收入虽然增长了近8%，达到418.5亿美元，但其全年的净利润却大幅下滑了38.7%，降至20亿美元。这些财务指标表明，在筹备香港首次公开募股的关键节点，这家快时尚巨头的盈利空间正在受到多重成本和外部环境的挤压。
This quarterly loss follows a downward trend in profitability that began in 2025. For the full year of 2025, Shein's net revenue rose nearly 8 percent to reach $41.85 billion, but its annual net profit slumped by 38.7 percent to $2 billion. These financial figures highlight the growing pressure on the company's margins from rising costs and external challenges as it prepares for its upcoming public debut in Hong Kong.
03贸易壁垒与欧盟新规冲击Impact of Trade Barriers and New EU Fees
美欧贸易紧张局势正在直接打击希音的利润空间。作为其最重要的海外市场之一，欧盟在本月开始对低价值跨境电商进口商品征收每笔3欧元（约合3.42美元）的费用。这一新规显著抬高了希音的销售成本，并可能在短期内对其商品的销售数量造成不利影响。由于希音长期依赖低价和快速物流模式，这一政策调整对其核心商业模式带来了直接的成本压力。
Rising trade tensions between the United States and the European Union are directly impacting the profitability of the fast-fashion retailer. This month, the European Union implemented a new €3 ($3.42) fee on low-value e-commerce imports. According to Shein, this regulatory change increases its overall selling costs and is highly likely to negatively affect its sales volumes in the short term, presenting a direct challenge to its low-cost shipping model.
欧盟市场对希音的整体营收贡献巨大。根据招股书披露的数据，在2025年全年以及2026年第一季度，欧盟市场均贡献了希音约三分之一的净收入。随着美欧等主要市场针对跨境低值包裹的免税或低税政策逐步收紧，贸易壁垒的增加正在成为希音在香港上市前夕必须面对的严峻财务考验。
The European market represents a critical geographic segment for the company's business. Financial disclosures show that the European Union accounted for approximately one-third of Shein's total net revenue throughout both the full year of 2025 and the first quarter of 2026. As Western regulators continue to tighten rules on low-value imports, these escalating trade barriers are placing significant pressure on the company's margins ahead of its public debut.
042026年多重风险与市场前景Multiple Risks and Market Outlook for 2026
在最新披露的招股说明书中，希音对2026年面临的多重风险发出了警告。该公司指出，其净收入、营业利润和净利润正受到关税、潜在定价压力、区域需求疲软以及物流和材料成本上升等多重不利因素的挤压。这些不断上升的成本和市场压力，将持续考验这家快时尚巨头在未来数周内进行香港首次公开募股时的投资者胃口。
In its newly released draft prospectus, Shein warned of multiple risks looming over its business in 2026. The fast-fashion retailer noted that its net revenue, operating profit, and net profit are all facing significant downward pressure from tariffs, potential pricing pressures, weaker regional demand, and rising logistics and material costs. These combined headwinds are squeezing the company's margins at a critical juncture as it prepares to launch its public debut.
随着全球电商增长势头减弱以及国际贸易壁垒不断增加，希音在招股书中列出的这些风险因素，直接反映出其在维持高增长和高利润率方面所面临的系统性挑战。在经历纽约和伦敦上市受阻后，希音在香港的首次亮相将直接测试投资者在贸易壁垒增加和全球电商增长势头减弱背景下的投资胃口。
As global e-commerce momentum wanes and international trade barriers continue to proliferate, these disclosed risks will directly test investor appetite for the company's upcoming listing in Hong Kong. After its failed attempts to secure public listings in New York and London, Shein's upcoming Hong Kong debut will test investor appetite as global trade barriers rise and e-commerce momentum wanes.
