Doubts are beginning to creep in about whether the blockbuster share listing by Shein in London is going to happen, according to reports.

The company had originally intended to list in New York but found the environment towards China-linked companies there less than welcoming and a London Stock Exchange listing we seen as the next best thing.

But the South China Morning Post (SCMP) reported at the weekend that the possible £50 billion IPO might hit a roadblock due to some major shareholders becoming jittery. 

The 15-year-old company is based in Singapore but was founded in China and still conducts most of its operations there. 

SCMP saids that “some major shareholders have lost patience with the firm’s fundraising plans and are privately asking Shein to consider buying back their shares”. It cited “one person briefed on the situation, speaking on condition of anonymity to discuss internal matters”.

And another source said that private trading of the shares continues “amid concerns over the limited expected returns from a London IPO”. Neither of the sources the publication quoted would identify the investors concerned.

Shein was originally backed by Singapore-based Jafco Asia with Series A funding in 2013. After that, backers included IDG Capital, Greenwoods Asset Management, sovereign wealth fund Mubadala Investment Company, HongShan, Tiger Global Management and General Atlantic, pumping in more than $4 billion during six funding rounds.

After the original plan for a New York listing didn’t come to fruition, London was the next choice and IPO documents were expected very soon. But some had seen this as an odd choice given London’s fall from its previous premier position and the fact that it was no longer in the world’s top 20 IPO destinations.

Additionally, Shein’s company structure has faced legal scrutiny in the UK and there has also been a lot of negative publicity around its business practices. The British Fashion Council has said the listing is a “significant concern” to the industry.

This Is Money also reported that there are concerns in Beijing over the way the retailer is portrayed in Britain. With its manufacturing ops being in China, it requires approval from Beijing regulators to list its shares in London.

None of the parties involved have commented on the story.