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The fast-fashion giant hoped to have a splashy U.S. public offering this year. WSJ's Shen Lu explains how the divide between Beijing and Washington got in the way. Further Reading: - Shein Promised to Have a Big U.S. IPO. Its China Roots Got in the Way. - Fast-Fashion Giant Shein Files to Go Public Further Listening: - Shein Took Over Fast Fashion. Then Came the Backlash. - The Mysterious CEO Leading Shein to an IPO Learn more about your ad choices. Visit megaphone.fm/adchoices