The news follows chancellor of the exchequer Jeremy Hunt’s meeting with Shein executive chair Donald Tang in February as part of British regulators’ and government officials’ efforts to persuade the company to explore a public listing in the UK after uncertainty around its US IPO.

The fashion giant had indicated its intention to float on the New York Stock Exchange but faced “tougher than expected scrutiny” from US regulators in the nation’s election year, as well as a “lengthy approval process” including several Chinese regulators.