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.

Shein Group Ltd. is working toward an initial public offering in Hong Kong after the fast-fashion company had not yet received approval from Chinese regulators for a London listing, Reuters reported on Wednesday,

Shein is working towards a listing in Hong Kong, as Chinese regulators did not approve the online fast-fashion retailer's proposed IPO in London, according to three sources with knowledge of the matter.