Online fast-fashion retailer Shein is aiming to list in London in the first half of the year, according to two sources with direct knowledge of the matter, assuming it gains regulatory approvals for the initial public offering.

The IPO could be completed as early as Easter, which is April 20, one of the people said.

A visit to China by Britain’s finance minister Rachel Reeves starting on Saturday, during which she will meet with Premier He Lifeng to discuss economic and financial cooperation, could help progress the regulatory approvals Shein needs, the source added.

A second person with knowledge of the matter said Shein, founded in China in 2012, is working towards listing in the first half of this year, but the definitive timeline is still in flux.

The London listing push comes after the company ended its attempt at a U.S. IPO after pushback from lawmakers concerned about risks connected to China and alleged labour malpractices.

The head of Britain’s Financial Conduct Authority, which is in charge of assessing and approving flotations like Shein’s IPO, is accompanying Reeves on the trip to Beijing and Shanghai and will meet with regulatory partners there.

Shein declined to comment, the FCA said it does not comment on potential listing applications, and Britain’s finance ministry did not reply to Reuters’ questions.

Even though it moved its headquarters from Nanjing to Singapore in 2022, Shein also requires permission from the China Securities Regulatory Commission, making it subject to offshore listing rules, as most of its 5,800 contract manufacturers are in China.

New rules passed by the CSRC in 2023 allow it to vet and potentially block offshore listings.
The CSRC did not immediately reply to questions about Britain’s visit and Shein’s IPO.

Shein is walking a political tightrope as it tries to show it has measures in place to limit the risk of human rights violations in its supply chain while avoiding any direct claims about China’s Xinjiang province – a top cotton-producing region where the United States and NGOs have accused the government of forced labour and other abuses against Uyghur people.

Beijing denies any abuses, and Chinese authorities have hit back at clothing brands that say they don’t use Xinjiang cotton.

Shein’s general counsel for Europe, the Middle East and Africa, Yinan Zhu, on Tuesday declined to directly answer when asked by a British parliamentary committee whether the retailer’s clothes contain cotton from China or Xinjiang, or whether it tells suppliers not to source from the province.
Zhu asked instead to provide the committee with written answers, and said Shein complies with relevant laws in all jurisdictions.