Hong Kong is on track to become the world’s largest listing destination this year, surpassing the Nasdaq and the New York Stock Exchange.

Shein had filed for a London IPO over a year ago, but the approval process has stalled as UK and Chinese regulators failed to agree on appropriate language for the risk disclosure section of the prospectus.

The company’s filing in Hong Kong is an attempt to bounce UK regulators into approving its London listing. London would still be Shein’s preferred destination for a listing if the FCA approved the China Securities Regulatory Commission’s version of its prospectus, sources told the Financial Times.