HONG KONG, June 24 — Shein confidentially filed papers with Britain’s markets regulator in early June for a potential London listing, two sources said, as the online fast-fashion retailer moves ahead with what could one of the largest IPOs globally this year.

The China-founded company, which was valued at US$66 billion (RM311 billion) in a fundraising round last year, started engaging with its financial and legal advisors to explore a listing on the London Stock Exchange early this year, Reuters reported in May, citing sources.

A spokesperson for Shein declined to comment. The Financial Conduct Authority (FCA), the UK markets watchdog, did not immediately respond to Reuters request for comment.

Both the sources, who have knowledge of the deal, declined to be named as they were not authorised to speak to the media.

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, said the sources. The company however has yet to receive a nod from the China Securities Regulatory Commission (CSRC), one of them said.

The CSRC did not immediately respond to a Reuters request for comment.

Shein’s London filing marks a shift from its long-running US IPO plan, which has run into obstacles at home and abroad, Reuters has reported.

The group confidentially filed for an IPO with the US Securities and Exchange Commission in November and approached the CSRC to seek Beijing’s nod in the same month, sources have said.

The CSRC earlier this year informed Shein that the regulator would not recommend a U.S. IPO due to the company’s supply chain issues, Reuters has reported. — Reuters