Singapore-based fashion retailer Shein plans to file for an initial public offering in London soon, the Financial Times reported.

The timing of the filing has not been finalised and could shift, the report said, citing people familiar with the matter.

The London floatation would value it at about £50 billion ($64 billion), according to Sky News.

The proposed listing comes after the company’s plan to list on the New York Stock Exchange was halted over concerns about its ties with Beijing.

Singapore-based e-commerce company was valued at $66 billion in its last funding round.

Shein reported a profit of more than $2 billion last year, the newspaper said.

(Editing by Seban Scaria seban.scaria@lseg.com)