London is trying to restore its reputation as a financial centre

ShaneThe China-founded online retail giant had big ambitions of going public in New York, but as relations between Washington and Beijing have deteriorated, the ultra-fast fashion company has begun taking a closer look at a trans-Atlantic backup plan.

The company is now focusing on the London Stock Exchange for its IPO, according to two people familiar with the matter, which may not have been its original choice but would be a big win for a Britain worried about losing London’s status as a global financial center.

UK Chief Financial Officer Jeremy Hunt She was reported to have wooed Shane.The company expects a blockbuster IPO to bolster London’s position as one of the world’s leading financial centers. A Shain spokesman declined to comment. Britain’s Treasury also declined to comment.

By many standards, London remains a major financial hub, where the price of precious metals is set daily, trillions of dollars of foreign currency trade and global insurance policies are written. But competition for investors is fierce between cities like New York, Hong Kong, Dubai and Singapore. Going public is serious business, and big IPOs like Shein’s can be seen as a prize that bolsters local financial markets and sets the stage for others to follow.

To strengthen London’s position, British authorities are working to reform its financial sector, seeking to make the city’s stock market more attractive to modern industry, particularly tech companies, rather than relying on banks and other sectors that have historically built London’s financial sector.

London’s reputation Demand for financial services has also been hit by fears that banks would relocate capital and workers to continental Europe after Britain left the European Union. While some of those fears were overblown, Brexit has dealt a blow. Amsterdam, for example, overtook London as Europe’s largest stock-trading center about three years ago, according to CBOE Capital Markets.