Chinese fast-fashion giant Shein is reportedly stepping up efforts for a London stock market debut amid uncertainty on the likelihood of receiving approval from the US Securities and Exchange Commission (SEC). 

Shein Intensifies London IPO Listing Efforts

A person familiar with the matter told Reuters the online fashion retailer intends to inform China's securities regulator about its decision to change the initial public offering (IPO) venue and proceed with filing for the London Stock Exchange (LSE) as early as this month.

Shein was reportedly valued at $66 billion in a fundraising round last year. Earlier this year, it commenced discussions with its financial and legal advisors based in London about considering listing on the LSE.

Another source also told Reuters that the company has already contacted fund managers in London to arrange preliminary meetings ahead of the planned listing.

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US IPO Goal of Shein

Although the plan for a US IPO remains on the agenda, Shein has encountered challenges in navigating regulatory requirements in both the US and China amid criticism from US lawmakers regarding alleged labor malpractices and legal disputes from competitors.

Shein confidentially filed to go public in the US last November and approached the China Securities Regulatory Commission (CSRC) to seek its approval in the same month. However, a source told Reuters that the CSRC informed Shein that it would not recommend a US IPO because of the firm's supply chain issues.

According to another insider, the US IPO is still on the table even while Shein is gearing up for a London IPO. The source noted that the company still prefers New York as its listing venue and is waiting for a change in US regulators' stance. 

READ MORE: Shein Faces Scrutiny From China's Internet Regulator Ahead of US IPO