Shein files for Hong Kong IPO in hopes of salvaging London listing: FT report

Online fast fashion giant Shein has confidentially filed for an initial public offering in Hong Kong in a bid to apply pressure on U.K. regulators and accelerate its long embattled listing ambitions, according to the Financial Times.

The Chinese-founded, Singapore-based retailer privately submitted a draft prospectus last week with the Hong Kong exchange (HKEX) and courted the approval of the China Securities Regulatory Commission (CSRC), two sources familiar with the matter told the newspaper.

The HKEX, CSRC, U.K. Financial Conduct Authority and London Stock Exchange did not immediately respond to CNBC's request for comment on the reports.

Shein previously filed to list in London around 18 months prior, but has struggled to receive regulatory approval and in May reportedly shifted its focus to Hong Kong.

A London listing had been seen as a boon for the nearly 17-year-old Chinese-founded company, providing international legitimacy and access to a deep and mature pool of Western investors.

Shein has nevertheless faced an uphill battle in its listing ambitions, as it seeks to shake allegations over the use of forced labor to produce its $5 t-shirts and $7 shoes. While it vehemently denies the claims, Shein last year shifted its attention from a New York listing to London after facing continued pushback on such issues from U.S. lawmakers.

This is a developing story. Please check back for updates.