(Alliance News) - Online fast-fashion group Shein has filed confidential paperwork for an initial public offering with the UK’s markets regulator, two people familiar with the matter told the Financial Times.

In a report on Monday, the FT said the move takes Shein a step closer to what could be a blockbuster listing for London, following the company’s decision to ditch a planned initial public offering in New York.

The Chinese-founded group could fetch a market valuation of about GBP50 billion.

Shein submitted the pre-listing documentation with the Financial Conduct Authority this month, the FT said.


The filing is a precursor to the Singapore-domiciled company releasing its IPO prospectus, which the UK regulator would have to approve before the listing.

Shein, which has the majority of its staff and manufacturing in China, has yet to receive approval from Beijing authorities to list in London.

A Hong Kong listing is another option under consideration, the report stated.

Shein, which is working with Goldman Sachs, JPMorgan and Morgan Stanley on its IPO plans, had planned to go public in New York but veered towards London after getting caught up in tensions between the US and China, the FT reported.

Donald Tang, Shein's executive chair, told the FT last month that the company had made "progress" on changing the perception that Beijing controlled it "but not enough" to win over US lawmakers.

By Jeremy Cutler, Alliance News reporter

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