Shein has officially filed for an initial public offering (IPO) in Hong Kong in a strategic bid to salvage its long-delayed London listing — potentially the largest IPO in the UK in years.

The fast-fashion giant, which was founded in China but is now headquartered in Singapore, confidentially submitted its draft prospectus to the Hong Kong Stock Exchange last week, according to multiple reports.

The move comes after an 18-month stalemate with UK and Chinese regulators over the language used in Shein’s London IPO filing, particularly around its exposure to China’s Xinjiang region — an area widely associated with allegations of human rights abuses against the Uyghur population.

While the Financial Conduct Authority (FCA) had approved a version of Shein’s prospectus earlier this year, it was rejected by the China Securities Regulatory Commission (CSRC), which has grown increasingly strict on how companies portray geopolitical risks.

Sources told the Financial Times that Shein’s Hong Kong filing is part of a wider strategy to put pressure on UK regulators to accept a CSRC-approved prospectus. London remains the retailer’s preferred destination due to its diverse investor base, despite the current regulatory deadlock.

The development follows reports last month that Shein was preparing to file confidentially in Hong Kong. That filing has now been made official.

The IPO saga has already dragged on for nearly three years, with the company previously exploring a New York flotation before pivoting to London amid growing scrutiny from US lawmakers.

Shein’s London plans have also been politically charged. Chancellor Rachel Reeves visited Beijing earlier this year in a bid to secure investment, while MPs continue to raise concerns over the company’s opaque supply chain practices.

In June, Shein was hit with a High Court lawsuit alleging it had dodged UK customs and VAT payments — claims the company denies.

Despite racking up $38bn in sales last year, Shein’s net profit reportedly fell by almost 40% to $1bn, raising doubts over whether it can match the $66bn valuation achieved during its last funding round.

Industry insiders say Shein has no urgent need to go public — with around $12bn in cash on hand — but pressure is mounting from investors eager to see a return.

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