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.
In an effort to shore up London's position, British officials are trying to overhaul the financial sector to make the city's stock market more attractive to modern industries, particularly tech companies, rather than relying on the sectors, such as banking, that historically built London's financial sector.
London's reputation for financial services also took a hit after Britain's exit from the European Union, amid concerns that banks would move money and workers to the continent. Some of those fears were overblown, but Brexit has taken a toll.
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