As fears have grown that the city is losing its attractiveness for publicly traded businesses, Britain’s government is making changes to bring them back.

Shein, the online retail giant founded in China, had grand ambitions to go public in New York. But as relations between Washington and Beijing soured, the ultrafast fashion company began taking a closer look at a backup plan across the Atlantic.

The company is now focusing more on the London Stock Exchange for its initial public offering, according to two people with knowledge of the matter. That may not have been the company’s initial choice — but it would be a big win for Britain, which has been wary of its capital city losing its status as a global financial hub.

Jeremy Hunt, Britain’s top finance official, has reportedly courted Shein, anticipating that a major I.P.O. would bolster London’s standing as one of the world’s leading financial centers. A

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