IPO News | Xiyin was heard by the Hong Kong Stock Exchange as the world's largest online fashion destination

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on July 26, Xiyin International Holdings Limited (formerly known as Huicui Co., Ltd.) (abbreviation: Xiying) passed the Hong Kong Stock Exchange's main board listing hearing, and Goldman Sachs, Damo, and Xiaomo were co-sponsors. The company is the world's largest online fashion destination and one of the top five global clothing and footwear companies based on retail sales in 2025.

According to the prospectus, Xiyin is a global online fashion and lifestyle company that will serve approximately 273 million active customers in approximately 160 markets during 2025. By providing diverse, highly inclusive, continuously updated and extremely cost-effective products, the company has met the diverse needs of consumers and reshaped the way consumers pursue fashion. The company helps consumers embrace trendy lifestyles and express individuality.

The company pioneered its own operating model “Large-scale Automated Small Order Fast Return” (LATR), which is the ultimate solution to the industry's long-standing trilemma. This model allows the company to achieve the best balance between variety of product choices, speed of design innovation, and inventory management efficiency. The company has a global network of partners. As the company makes its supply chain more agile, strong and robust, the company empowers its partners to develop and grow with the company.

Xiyin began its journey with its flagship brand SHEIN and expanded into the company's own brand portfolio to cover more price points, unique styles, and a wider range of product categories. The company wanted to enrich the company's fashion choices, so the company established close partnerships with many brands and designers through the SheinXCelerator program and enabled it to achieve profitable growth with the company's infrastructure. Some brands have strong brand appeal and customer recognition, but they face operational challenges and supply chain bottlenecks. Others are smaller, early-stage players who have ambitious brand visions but lack the expertise and resources to scale effectively. Empowered by the company's proprietary infrastructure, the company enables more brands and designers to reach their full potential and turn limitless ideas into reality with speed and certainty.

On the financial side, in the three months ended March 31 in 2023, 2024, 2025, and 2026, the company achieved total net revenue of approximately RMB 32.103 billion (USD, same below), RMB 38.748 billion, RMB 41,847 billion, and RMB 9.52 billion, respectively. In the same period, it recorded net profit/ (loss) of approximately RMB 2,789 billion, RMB 3.365 billion, RMB 2,064 billion and -99 million yuan respectively.