Shein is working towards a listing in Hong Kong after the online fast-fashion retailer's proposed initial public offering (IPO) in London failed to secure the green light from Chinese regulators, said three sources with knowledge of the matter.

Shein Group Ltd. is considering switching its planned initial public offering to Hong Kong instead of London, people familiar with the matter said.

First it was New York, then London, but reports this morning suggest that Hong Kong might be where the Shein IPO finally lands amid ongoing regulatory roadblocks.