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 has filed for an IPO in Hong Kong as it attempts to pressure UK regulators over its long-delayed London listing amid geopolitical tensions.