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The chief executive of the London Stock Exchange Group denied lowering standards to attract fast fashion retailer Shein for its £50 billion IPO in London, as he praised the UK’s stronger listing pipeline, The Guardian reported on August 2.

Shein, which is based in Singapore but does most of its business in China, has come under criticism from workers' rights activists who are concerned about a lack of transparency in its supply chain.

The company had planned to list in New York but put the plan on hold amid concerns from U.S. lawmakers over alleged labor misconduct and lawsuits from rivals. Shein has yet to face formal opposition in the U.K.

The retailer reportedly filed paperwork to list on the London Stock Exchange in June and secured Labour Party support for a UK IPO just weeks before the July general election.

But David Schwimmer, chief executive of London Stock Exchange Group (LSEG), denied suggestions the exchange had lowered its standards to attract Shein's £50 billion listing in the UK.

He said: "It should be clear that the standards of the London Stock Exchange have not been lowered. The listing approval process needs to be reviewed by the UK Listing Authority. As long as companies meet the requirements of the UK Listing Authority (which are related to disclosure in terms of corporate governance, etc.), they will be able to list on the London Stock Exchange and use our existing governance system and disclosure system."

“We find this to be very beneficial for disclosure and scrutiny of the company, and for investor involvement in company management.” In May, an investigation by Swiss nonprofit Public Eye found that workers producing clothing for Shein often worked more than 70 hours a week, while the company’s cavalier attitude toward alleged design plagiarism has sparked a series of lawsuits related to allegedly copied clothing.

Schwimmer said there were encouraging listing plans and prospects for further listings were improving, at least in the UK.

"As you can see, a lot of companies have indicated they are going to enter this market, so I'm very optimistic about the pipeline and where it's going," he told reporters Thursday.

“This is due to a variety of factors. I think it is the result of the (British general election), it may also be the improvement of the macroeconomic environment, and it may also be the result of capital market reforms.”

Earlier this week, British regulators eased rules for listed companies as part of a capital markets overhaul that officials hope will end the exodus of companies from the London Stock Exchange to rival financial centers. The reforms include scrapping rules that force companies to hold shareholder votes before approving major mergers or acquisitions. While many welcomed the changes, critics worry that shareholder democracy will be eroded.

The fast fashion retailer said: "Shein has a zero-tolerance policy for forced labour and we are committed to respecting human rights. We take transparency throughout our supply chain very seriously and require our contract manufacturers to source cotton only from approved regions."