Less commonly she male or bokep china she-male, n., pej. Pornography industry and prostitution slang for pre-operative male to female transsexual.
This refers specifically to a person who is biologically male with a female gender expression and has both breasts and a penis. The term shemale is strictly slang and considered offensive by the people it refers to. Origins uncertain. A related expression is chicks with dicks.

Sources:
Michael Alexander, website Nodeshell rescue