Shein could decide whether to launch its blockbuster stock market float in London as soon as next week, City sources claim.
Reports suggest the fast fashion giant is leaning towards placing its £71 billion listing into the London Stock Exchange instead of the US.
Shein’s chairman, Donald Tang, met Chancellor Jeremy Hunt to discuss the potential float as part of a charm offensive in the City last month.
The latest threat by the US Congress to ban Chinese social media site TikTok is thought to be further swinging the decision away from New York because it sees less political risk in the UK.
Shein was founded in 2012 in Nanjing, China, and is now based in Singapore.
Decision time: Reports suggest Shein is leaning towards placing its £71 billion listing into the London Stock Exchange instead of the US
Its popularity in Europe has boomed over the past few years. It sells tops and dresses for as little as £5.
But Shein has faced criticism for its environmental impact and treatment of workers in China.
The firm declined to comment.
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