Shein is expected to boost the FTSE 100 as soon as next month, when the fashion retailer has confirmed it will float its shares in London.
Chancellor Jeremy Hunt and Labour’s shadow business secretary Johnny Reynolds voiced their support for the stock market float after Shein executive chairman Donald Tang visited the UK in April.
The Chinese retail giant initially indicated a preference to float its shares in New York, where stock market valuations for online firms are usually much higher, according to This is Money.
However, Shein looked to London for an initial public offering due to a deteriorating political environment for Chinese firms across the US.
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The ecommerce company would immediately join the top rank of companies with London listings should the IPO go ahead, due to its prospective valuation of £60bn or more.
Earlier this month, Shein saw profits more than double to over $2bn (£1.6bn) as it awaited approval for a stock market listing in either New York or London.
The Chinese business posted sales of around $45bn last year, sources told the Financial Times.
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