Shein reveals ownership, loss in Hong Kong IPO filing

Shein's draft prospectus for a Hong Kong listing reveals its ownership structure and a $99 million first-quarter loss, compared with a $395 million profit a year earlier. The online fast-fashion retailer, founded in China, shows four co-founders own 65% of the Cayman Islands-registered holding company, while investors including IDG and Sequoia Capital hold the rest. A weighted voting rights structure gives Class A shareholders 10 times the voting power.