Fast fashion giant Shein has filed confidential paperwork with UK regulators, sources close to the process revealed to the BBC. A potential shift from its previously anticipated U.S. listing to the London Stock Exchange could value the Singapore-based company, which has significant operations in China, at approximately £50 billion.

This development comes after Shein’s U.S. listing plans faced scrutiny from both Republican and Democratic politicians due to concerns over the company’s ties to China. As the BBC report, U.S. Senator Marco Rubio wrote to UK Chancellor Jeremy Hunt in June, warning of “grave ethics concerns” and alleging the use of forced labor in Shein’s supply chain.

Shein denies these allegations, stating, “SHEIN has a zero-tolerance policy for forced labor, and we are committed to respecting human rights.”

The potential London listing has drawn mixed reactions from UK officials. Labour’s shadow business secretary Jonathan Reynolds indicates support, suggesting it would allow for closer regulatory scrutiny. Conservative Business Secretary Kemi Badenoch expresses concerns about Shein’s business model and its potential impact on UK tax revenue.

The British Fashion Council urges caution, calling for rigorous due diligence in supply chains and compliance with sustainability standards.

Despite criticisms, London Stock Exchange head Julia Hoggett sees the potential listing as an opportunity for increased corporate transparency.

The BBC reports that the Shein listing would be significant for London, which has recently lost high-profile companies to U.S. markets. However, filing papers is just the initial stage in the listing process and does not guarantee a London debut.

Both Shein and the UK’s Financial Conduct Authority have declined to comment on the potential listing.