Online fashion mammoth Shein is on the verge of taking a huge leap towards a London floatation valued at £50bn.
The Singaporean-headquartered firm, which was founded in China, also owns British fashion brand Missguided.
A confidential filing, which would be one of the most significant and contentious deals in the UK's capital markets for years, could take place as early as this week, according to reports.
Sky News revealed that Shein is preparing to file a prospectus with the Financial Conduct Authority for approval.
The company has originally aimed for a New York listing but political opposition resulted in a lukewarm reception from regulators.
Donald Tang, executive chairman of Shein, has since had meetings with Jeremy Hunt, executives from the London Stock Exchange, as well as shadow business secretary Jonathan Reynolds.
Goldman Sachs, JP Morgan and Morgan Stanley are advising on the deal.
FTSE 100
The UK's flagship share index, the FTSE 100, was down 33-points at 8,229 shortly after opening this morning.
Brent crude oil futures were down 1.07%, trading at $77.52 a barrel.
Companies reporting today
- British American Tobacco - Trading Update
- Chemring Group - Half Year Results
- Londonmetric Property - Full Year Results