A valuation of as much as $100bn has been talked about in the past for Chinese retailer Shein. Although that seems to have fallen to somewhere in the region of $60bn more recently, it would undoubtedly be a mega-IPO, whatever the final figure.

It’s little wonder then that the prospect has prompted salivating in the Square Mile, which has been losing ground to other financial centres as big names have departed – chip designer Arm Holdings has listed in New York, for instance, while travel group Tui is off to Frankfurt.