Online fast-fashion retailer Shein has obtained approval from the Financial Conduct Authority (FCA) in the UK for its upcoming initial public offering in London, as per sources familiar with the matter. This marks a significant advancement for the China-based company in its London listing plans after submitting papers to the British regulator confidentially in June last year. However, Shein faces challenges due to market uncertainties arising from U.S. President Donald Trump's tariffs on Chinese goods and stricter regulations on duty-free shipments from China to the U.S. The company, which has a valuation of $66 billion, will also need approval from Chinese regulators, particularly the China Securities Regulatory Commission (CSRC), for its London IPO. Shein has notified the CSRC of the FCA's approval, but is awaiting clearance from the Chinese regulator. Despite relocating its headquarters from Nanjing to Singapore, Shein is bound by Beijing's updated listing regulations for Chinese companies going public overseas. With a business model that relies on numerous third-party manufacturers primarily in China, Shein is subject to the CSRC's regulations. Shipping products directly to customers in individually labeled packages by air, Shein must navigate various regulatory bodies in China for its offshore IPO application. Founded by entrepreneur Sky Xu, Shein aimed to go public in London in the first half of this year, hinging on approvals from UK and Chinese regulators.