SHEIN was founded in 2008 in Nanjing, Jiangsu is aiming squarely at the "Gen Z" social-media generation, using influencers on Instagram and TikTok, and discount codes, to attract younger shoppers in an increasingly crowded fashion market. It offers low-cost styles, uploading hundreds of new designs to its app every week. The price for a dress is around half that of Zara.

Truck-hailing platform Full Truck Logistics, known as Manbang in China, filed for an IPO on the New York Stock Exchange on Thursday without disclosing details about the size of the offering. CNBC reported earlier this month that the startup could raise around US$1.5 billion, citing a source with knowledge of the matter.

Horizon is currently working with advisers on a share sale that could happen by the end of the year. The company, which counts Intel Capital, Hillhouse Capital, and Jack Ma’s Yunfeng Capital as its investors, is also said to be in preliminary discussions with advisors regarding a venue and the timing for the potential IPO.