Shein previously filed to list in London around 18 months prior, but has struggled to receive regulatory approval.

Shein has filed to float in Hong Kong in part to try to pressure the UK regulator into compromising on its risk disclosure requirements and keep alive what could be the biggest IPO on the London market in years, according to the people. Fundraising from IPOs in London has sunk to a 30-year low in 2025.

Shein had filed for a London IPO over a year ago, but the approval process has stalled as UK and Chinese regulators failed to agree on appropriate language for the risk disclosure section of the prospectus.