SHEIN is rumoured to be close to listing in London at a valuation of £50bn

Fast fashion giant SHEIN is planning a London stock market listing that is expected to value it at around 50 billion pounds.

According to Reuters, the company is preparing a prospectus, which is likely to be filed next week. The company did not respond to a Reuters inquiry.

Xiyin was founded in Nanjing in 2008 and later moved its headquarters to Singapore. It supplies cheap clothing to more than 150 countries, including the United States, but its main supplier is China.

The company began contacting financial and legal advisers in London earlier this year to explore a possible listing on the London Stock Exchange. The company was valued at US $66 billion (S $89 billion) when it raised capital last year.

Xiyin confidentially filed for a listing with the US Securities and Exchange Commission in November but has run into a series of regulatory hurdles, including criticism from US lawmakers over its alleged use of forced Labour from Xinjiang Uighurs.

British officials have also questioned the suitability of Xiyin for a London listing and have called for greater scrutiny of the company's operations. Xiyin said it is strengthening corporate governance and compliance supervision.