Xiyin-W (00625) will be offering shares for subscription from August 24 to August 27, planning to globally issue 280 million Class B shares and introducing cornerstone investors such as Tencent and Tiger Global.

Xiyin-W (00625) will launch its initial public offering (IPO) from August 24 to August 27, 2026, intending to globally offer 280 million Class B shares, of which approximately 10% will be allocated for public offering in Hong Kong and about 90% for international offering, with an additional 15% overallotment option. The expected offer price per share is HK$47.60 to HK$49.50, with a minimum lot of 100 shares. Trading of Class B shares on the Stock Exchange is anticipated to commence at 9:00 AM on September 1, 2026 (Tuesday). The Group is a global online fashion and lifestyle company that serves approximately 273 million active customers across around 160 markets during the year 2025. By offering a wide variety of highly inclusive, continually updated, and cost-effective products, the Group meets diverse consumer needs and reshapes how consumers pursue fashion. The Group has pioneered its own operational model, "Large-scale Automated Small Orders with Quick Returns" (LATR), which is the ultimate solution to the long-standing three dilemmas in the industry. This model allows the Group to achieve the optimal balance between product selection diversity, design turnover speed, and inventory management efficiency. The Group has a global partner network. As the Group makes its supply chain more agile, robust, and resilient, it empowers partners to develop and grow together with the Group. The Group has entered into cornerstone investment agreements with Boyu, Tiger Global, General Atlantic, Tencent, Jinglin, Taikang Life Insurance, and UBS AM Singapore (collectively referred to as the cornerstone investors), under which the cornerstone investors have agreed, subject to certain conditions, to subscribe for, or to procure designated entities to subscribe for, an amount not exceeding approximately US$383 million (assuming an offer price of HK$48.55, which is the median of the indicative offer price range, excluding brokerage commission, SFC transaction levies, FSTB transaction levies, and Stock Exchange trading fees) for the number of offered shares that can be purchased (rounded down to the nearest complete trading unit of 100 shares of Class B shares) (collectively referred to as the cornerstone placing). Based on the offer price of HK$48.55 per offered share (the median of the indicative offer price range set forth in this prospectus), the total number of offered shares subscribed for by the cornerstone investors will be approximately 61.02 million shares, accounting for about 22.1% of the total offered shares issued under the global offering and about 1.5% of the Group's total issued share capital following the completion of the global offering (assuming the assumptions). Assuming an offer price of HK$48.55 per offered share (the median of the offer price range of HK$47.60 to HK$49.50), after deducting the underwriting commissions and other estimated expenses payable by the Group in connection with the global offering, and assuming the overallotment option is not exercised, the Group estimates it will receive net proceeds from the global offering of approximately HK$13.123 billion. According to the Group's strategy, it plans to utilize the net proceeds from the global offering for the following purposes: (1) approximately 40% or about HK$5.249 billion is expected to enhance the Group's technological capabilities. (2) approximately 40% or about HK$5.249 billion is expected to boost brand awareness and enhance global outreach. (3) approximately 10% or about HK$1.312 billion is expected to strengthen the Group's corporate responsibility. (4) the remaining balance of approximately HK$1.312 billion is expected to be used for general corporate purposes. In recent years, the Group's net revenue has grown significantly, with respective revenues of US$32.1 billion, US$38.7 billion, and US$41.8 billion in 2023, 2024, and 2025. The Group's net revenue increased from US$9.0 billion for the three months ended March 31, 2025, to US$9.1 billion for the three months ended March 31, 2026. The Group's operating profit for 2023, 2024, and 2025 was US$1.376 billion, US$966 million, and US$1.707 billion, respectively. For the three months ended March 31, 2025, and March 31, 2026, the Group's operating profit was US$348 million and US$258 million, respectively.