Shein is set to confidentially file for its Hong Kong initial public offering (IPO) under a rare move, sources have revealed.

Three sources familiar to the situation said that the Chinese fast fashion firm was planning to file a draft prospectus confidentially for its Hong Kong IPO, Reuters reported.

The move represents a rare change from businesses normally making public filings of IPO documents.

Shein is aiming to submit its confidential filing as soon as this week, according to one of the insiders. A second source added that the filing was forecast to be made by Monday.

If approved, the listing would mark an exemption from one of the main listing rules by the exchange for one of the most closely monitored IPO candidates globally, according to two of the sources.

Confidential filings allow businesses to keep vital financial and operational information secret for longer and enable them to go through the regulatory review process without public disclosure.

Documents, including financials, related to the company’s listing will remain undisclosed until Shein passes a hearing with the Hong Kong stock exchange, marking the last step in the city’s regulatory approval process.

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Prior to this, the business is required to secure an approval from the China Securities Regulatory Commission (CSRC) to go forward with the Hong Kong listing. It remains unknown whether Shein has secured a verbal approval from the Chinese securities regulator.

Shein and the CSRC declined Reuters’ request for comment. The Hong Kong stock exchange also declined to comment on individual businesses.

Shein turned to Hong Kong last month after its proposed IPO in London failed to gain approval from Chinese regulators.

The group first sought a listing in New York to gain legitimacy as a global company and tap into a large pool of Western investors.

However, following opposition from US lawmakers, the retailer focussed its efforts on a potential £50bn flotation on the London Stock Exchange.

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