Online fast-fashion retailer Shein is under pressure to cut its valuation to about $30 billion ahead of its London listing, citing people familiar with the matter.

Its shareholders are suggesting that an adjustment is required to help get the potential initial public offering in the UK over the line.

Earlier this month, Shein was set to cut its valuation in the potential London listing to around $50 billion, nearly a quarter less than the company’s fundraising value of $66 billion in 2023, amid growing headwinds.

Shein is aiming to go public in London in the first half of this year, assuming it secured approvals from regulators in the UK and China.

The Financial Times reported last week that Shein’s listing was likely to be postponed to the second half of this year after U.S. President Donald Trump’s move to end the “de minimis” duty-free import provision.