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Singapore-based Shein is reportedly considering relocating its financial debut from New York to London.

The shift comes as the ultra-fast fashion retailer, which was founded in China, believes its IPO plans would not be approved by the US Securities and Exchange Commission (SEC), sources told Bloomberg.

Besides London, the company is also considering Hong Kong or Singapore as new locations for its IPO. Notably, Shein founder and CEO Chris Xu is a permanent Singapore resident.