GUANGZHOU, China — A Chinese trucking start-up could file publicly for a U.S. itemizing this week which could worth the corporate as a lot as $30 billion, an individual with data of the matter informed CNBC.

The Full Truck Alliance connects truck drivers to individuals who wish to ship objects, a mannequin that usually earns the corporate the title “Uber for vehicles.”

Bloomberg reported in February that the Full Truck Alliance, recognized as Manbang in Chinese, already filed confidentially for an preliminary public providing (IPO) with U.S. regulators.

But the start-up could make its submitting public as early as this week and is prone to choose the New York Stock Exchange as its itemizing venue, the individual mentioned.

The Full Truck Alliance could elevate round $1.5 billion from the IPO at a valuation of between $20 billion and $30 billion, mentioned the supply, who wished to stay nameless as they weren’t licensed to talk publicly.

A consultant from the corporate was not instantly obtainable for remark.

The Full Truck Alliance was shaped after a merger between two truck companies platforms, Yunmanman and Huochebang, in 2017. It makes cash by charging membership charges to these eager to ship items and in addition takes a minimize of transactions, very like Uber.

In November, the Full Truck Alliance raised $1.7 billion from some excessive profile backers together with SoftBank and Tencent.

China’s logistics market is turning into more and more aggressive. Full Truck Alliance competes with different corporations such as Huolala. And giants such as Alibaba and Tencent are additionally placing extra emphasis on rising their very own logistics companies.