Fast fashion giant Shein is disputing a Wall Street Journal report that it's being investigated by Chinese cybersecurity regulators.

Why it matters: Such a probe, if legitimate, could slow Shein's U.S. IPO plans.

• "The company is not under CAC investigation," a Shein spokesperson tells Axios, referencing the Cyberspace Administration of China.
• The company previously hadn't commented on the WSJ report.

Zoom out: Shein is headquartered in Singapore and valued by VCs at $66 billion.

• Shein doesn't sell to Chinese consumers. It does, however, have a lot of its products made in China, and was founded in Nanjing before later relocating its headquarters.
• Axios previously reported that Chinese regulators did have questions about supply chain issues, but not about cybersecurity.