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.

The company’s filing in Hong Kong is an attempt to bounce UK regulators into approving its London listing. London would still be Shein’s preferred destination for a listing if the FCA approved the China Securities Regulatory Commission’s version of its prospectus, sources told the Financial Times.