Shein confidentially submitted documents to Britain’s markets regulator in early June, initiating a potential London listing later this year, according to two sources. The China-founded company, valued at $66 billion last year, explored listing on the London Stock Exchange after opposition from U.S. lawmakers derailed its New York plans.

A Shein spokesperson and the Financial Conduct Authority (FCA) declined to comment. Sources, who requested anonymity, revealed that Shein informed China’s securities regulator about the change but has yet to receive approval from the China Securities Regulatory Commission (CSRC).

The FCA typically takes a few months to approve listings. With approvals from both the FCA and CSRC, Shein could publicly file its intention to float on the London Stock Exchange, triggering a four-week process of book building and price guidance before trading begins.

A Labour Party victory in Britain’s July 4 election could lead to a new government. Labour has met with Shein and shown support for its London listing, which would benefit a UK market that has seen high-profile companies choose other venues. However, some senior lawmakers have raised concerns about Shein’s labor practices and supply chain, calling for greater scrutiny.

Shein has committed to improving governance and compliance across its supply chain, stating that duty-free treatment of low-value parcels is not essential to its success. This London filing represents a shift from Shein’s U.S. IPO plan, which faced hurdles domestically and internationally.

Previously, Shein filed for a U.S. IPO with the SEC in November and sought approval from the CSRC. However, the CSRC advised against a U.S. IPO due to supply chain issues. Recent market volatility, as seen with Italian luxury sneaker maker Golden Goose, illustrates the challenging environment for new listings in Europe.