Lulu Yilun Chen
The Beijing-based company, which already counts Alibaba as a backer, is talking with Chinese private equity investors and wants to close the round in December.
The year’s biggest China IPO in New York came from Netflix-style video streaming service iQiyi Inc., which raised $2.4 billion in March.
The IPO would mark the latest in a string of debuts this year by companies backed or controlled by Tencent, a serial investor in China’s tech scene.
Tencent’s revenue grew at its slowest pace in three years as a Chinese clampdown on gaming licenses continued to hammer its bread-and-butter division.
Tencent, China’s largest social-media company, is considering joining the consortium led by Anta Sports Products Ltd as a minority investor.
This Sunday, the Chinese internet giant is including sales from Lazada, the online shopping mall it controls.
Asian funds such as Hillhouse Capital Management Ltd. have been looking for deals to invest in Asia. KKR recently invested in Singapore-based PropertyGuru Pte and Voyager Innovations in the Philippines.
The government has stepped up its oversight of an industry it sees as fomenting addiction, myopia and other ills among the country’s youth.
Truck Alliance, also called Manbang, is in advanced talks with new and existing backers including SoftBank and Tencent.
Tencent, whose internal venture arm is co-led by Forest Lin and Jeffrey Li, is one of China’s most prolific investors, seeding at least 600 companies.