Shein reportedly filed for London IPO in early June

The Financial Conduct Authority would typically take up to a couple of months to vet and decide on clearance

Shein confidentially filed papers with Britain's markets regulator in early June, two sources said, beginning the process for a potential London listing by the online fast-fashion retailer later in the year.

The China-founded firm, which was valued at $66 billion in a fundraising round in 2023, began to explore a listing on the London Stock Exchange (LSE) early this year, Reuters reported in May, citing sources. Shein's original plan to list in New York came unstuck following opposition from U.S. lawmakers.

It is not immediately clear when Shein, known for its $5 tops and $10 dresses, plans to launch the initial public offering (IPO).

Shein has updated China's securities regulator officially about its change of listing venue, according to the sources. The firm, nevertheless, has yet to receive a nod from the China Securities Regulatory Commission (CSRC), one of them said.

The Financial Conduct Authority would typically take up to a couple of months to vet and decide on clearance.

With a green light from both the Financial Conduct Authority and CSRC, Shein would be in a position to publicly file an intention to float on the London stock exchange.

That would start a typically four-week process of book building and price guidance before admission to trading.

If Shein does decide to go ahead with a UK listing it will likely have to deal with a new government.

Opinion polls say Keir Starmer's Labour Party is on course to easily win Britain's July 4 election and end the 14 year rule of the Conservatives.