Online fast-fashion retailer Shein has received approval from the UK Financial Conduct Authority (FCA) for its planned initial public offering in London, marking a key step toward its listing, according to an exclusive Reuters report. However, the company still requires approval from China’s securities regulator (CSRC), in line with new rules governing offshore listings of China-linked firms. Despite relocating its headquarters to Singapore in 2022, Shein remains subject to Beijing’s oversight due to its reliance on around 5,800 contract manufacturers in China.