Chinese online fashion group Shein is reported to be on the verge of applying for an initial public offer in London.
The Singapore-headquartered company needs to get the OK from Beijing and then will file its application with the London Stock Exchange this month, according to a report from Reuters citing two sources.
After examining a New York listing but getting a stony-faced reaction from regulators and politicians, investment banks and lawyers in the City have now been hired.
It would be London's largest ever IPO, with the fast-fashion retailer reportedly valued at $66 billion (£53 billion) last year.
Reuters says the US IPO plans, possibly for a secondary listing in future, are still being kept alive in case of a regulatory shift.