Yet another Chinese technology company is headed for an initial public offering.

Meilishuo, the online fashion retailer backed by Tencent Holdings, is in talks with several investment banks about a US initial public offering that could value the start-up at about US$4 billion, according to people familiar with the matter. The women-focused e-commerce company hosted a so-called bake-off to discuss IPO prospects with potential advisers and underwriters, the people said, asking not to be identified talking about private negotiations.

Meilishuo, which merged with rival Mogujie in 2016 to form a company with US$3 billion in sales, was said to have been valued at US$3 billion at the time of that deal. The company, whose name means “Beauty Talk,” is one of the more popular fashion and cosmetics retailers online, a niche it has clung to despite the dominance of Alibaba Group Holding and JD.com. Meilishuo’s envisioned US$4 billion valuation is an initial target and could change if a deal proceeds, the people said.

It is one in a growing wave of Chinese technology companies looking to sell shares to the public. Smartphone maker Xiaomi Corp is seeking a valuation of as much as US$100 billion in a much-anticipated offering, people familiar with the matter have said, while Meituan Dianping, a Chinese food review and delivery giant also backed by Tencent, has begun discussions about a Hong Kong IPO at a valuation of at least US$60 billion.