Fashion behemoth Shein is expected to file documents with regulators in the coming weeks which will take it a step closer to a £50bn float.

The China-founded retailer, which is headquartered in Singapore, is likely to spark controversy with a listing in Britain.

High street leaders are understood to be lobbying ministers over Shein’s alleged use of tax loopholes, while the company is thought to be listing in the UK rather than New York amid US regulatory hurdles for Chinese companies.

Shein, which owns British fashion brand Missguided, is preparing to file a prospectus to the Financial Conduct Authority as soon as this week, according to Sky News.

The company would become one of the largest members of the FTSE 100 if the listing goes ahead.

Read the latest updates below.