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(Bloomberg) -- London bankers have waited more than two years for initial public offerings to bounce back. When news of fast-fashion upstart Shein’s potential listing first emerged at a potential £50 billion ($64 billion) valuation, the City saw a deal that could finally reverse the slump. Most Read from Bloomberg It won’t be easy.

To deliver what could be one of the UK’s biggest-ever IPOs, the controversial e-commerce retailer will need to convince regulators, politicians and investors that it meets their standards for inclusion. Critics warn that a Shein listing in London would make the City into a market of last resort. They point to allegations about the company’s environmental, social and governance record, including allegations highlighted by US politicians that the China-founded firm’s products are linked to forced labor.



Shein has said it has a zero-tolerance policy for forced labor. After the lawmakers called for probes into those concerns, Shein pivoted its listing plan to the UK, Bloomberg News has reported. Still, as the Singapore-headquartered company prepares to file confidentially for an IPO in the City, some of the key decision-makers are already on side.

The opposition Labour Party — which is enjoying a large lead in the polls ahead of the general election next month — has given its qualified support to the listing, people familiar with the matter have said. With the London Stock Exchange experiencing the deepest IPO slump in more than a decade.

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