AsianFin -- Shein is shifting its focus to a public listing in Hong Kong after its planned London initial public offering (IPO) failed to gain approval from Chinese regulators, according to three people familiar with the matter.

The fast-fashion giant, founded in China, is preparing to submit a draft prospectus to the Hong Kong Stock Exchange in the coming weeks, one of the sources said. Two of the sources added that the company is targeting a listing in the Asian financial hub before the end of the year.

The pivot comes as Shein has yet to secure a green light from the China Securities Regulatory Commission (CSRC) for the London IPO, two sources noted. The company had obtained approval from the UK’s Financial Conduct Authority (FCA) in March but has since been unable to move forward without sign-off from Beijing.

Shein, known for selling ultra-affordable fashion like $5 bike shorts and $18 sundresses, is now recalibrating its global listing ambitions amid mounting regulatory scrutiny.