Chinese online fast fashion group Shein could file for an initial public offer in London as soon as this week, according to reports.
An application with the Financial Conduct Authority and London Stock Exchange could come later this week or be moved to later in the month, Sky News reported.
A share sale is unlikely to start before the summer, sources told Bloomberg, for what would be London's largest-ever IPO, based on Shein's £52 billion valuation last year.
Meanwhile, the Labour Party has held talks with the company's executive chairman, Donald Tang, to add its support, according to the Times newspaper.
However, the company has faced calls for greater scrutiny from both UK political parties due to allegations of unethical business practices.
Some of Britain’s and the USA's biggest retailers have also objected to the Singapore-headquartered company's use of the 'de minimis' tax loophole, whereby it is among companies shipping products straight from Chinese warehouses without paying duty and certain taxes as long as shipments are under the value of £625 or $800.
Shein was previously looking at a New York listing but faced political and regulatory push-back, and it is reported that the China Securities Regulatory Commission told the company that it would not recommend a US IPO due to "supply chain issues".
If Beijing approves, the London listing under its new listing rules for Chinese firms going public offshore, the Singapore-headquartered company can then file its application to join the London Stock Exchange.
The Labour Party's shadow business secretary, Jonathan Reynolds, the shadow minister for industry, Sarah Jones, and shadow minister for creative industries, Chris Bryant, met Tang to discuss a potential IPO, the Times reported.
Labour, which is leading in the polls ahead of the 4 July general election, is "very supportive" of Shein listing in the UK, sources told the newspaper.
The current chancellor, Jeremy Hunt, also held talks with Tang earlier this year.
** Update: Adds details **