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

Shein and rival Temu together probably accounted for more than 30% of all packages shipped to the U.S. each day under the de minimis provision, the U.S. congressional committee on China said in a 2023 report. The measure exempted shipments of less than $800 from import duties.