Fast fashion e-commerce platform Shein has submitted a confidential listing application to the Hong Kong Stock Exchange last week, the Financial Times quoted insiders as saying.

The company planned to conduct IPO in Hong Kong, and is seeking approval from the China Securities Regulatory Commission (CSRC). This move is intended to pressure UK regulators to relax approval requirements and expedite the approval of its London listing plan.

Shein has applied for a UK listing early-2024, but has not yet received approval from the authorities, the report noted. Regulators in the UK and China failed to reach a consensus on the risk disclosure section of the prospectus.

It is expected that Shein's advancement for a Hong Kong listing aims to compel UK regulators to make concessions on risk disclosure requirements.

If the UK Financial Conduct Authority (FCA) green-lights and agrees to accept a prospectus approved by the CSRC, London will remain Shein's preferred listing location, insiders added. However, Shein may also consider dual or secondary listings.