Shein Group's initial public offering in London has failed to gain approval from Beijing authorities, according to reports.
The Chinese online fast-fashion giant's efforts have shifted to a Hong Kong listing at London IPO plans as it has still not received permission from the China Securities Regulatory Commission (CSRC), sources told Reuters.
A Hong Kong prospectus is now expected within weeks, the report said, to enable the retailer to float in 2025.
A green light from the UK's Financial Conduct Authority was reportedly given in March, but there has been no similar move from its Chinese equivalent.
UK public relations firms Brunswick and FGS were dropped earlier in May, Reuters reported.
In February, Shein was reported to have faced pressures from investors to cut its valuation to around US$30 billion (£23.8 billion) in order to get the IPO done, down from a hoped-for US$50 billion and less than half the US$66 billion secured through a funding round in 2023.
Last month, the company was said to be urgently exploring how to restructure its US business due to the tariffs imposed by the Trump administration and the closure of the 'de minimis' exemption that allowed duty-free imports on parcels under $800.
Executives were said to be considering shifting some production to Brazil or India.
Shein had pursued a listing in New York, as part of its efforts to gain legitimacy as a global, rather than a Chinese company, and access to a wide pool of large Western investors.
A listing in Hong Kong would go against that strategy and could hurt its global credentials.