City investors have given the cold shoulder to a potential blockbuster London listing by online fashion retailer Shein, claiming the UK risks becoming “the market of last resort” by attracting a company with allegedly questionable business practices.

Singapore-based Shein is reportedly preparing to file a prospectus with UK regulators within the coming weeks. The move could pave the way for a £51bn float and go some way to reviving London’s flagging IPO market.