Chinese budget retailer Miniso Group Holding Ltd. is looking to raise up to 562.4 million U.S. dollars in its initial public offering in the U.S., a regulatory filing showed on Wednesday.

Dubbed as China's Dollar Tree, Miniso is backed by tech giant Tencent Holdings and private equity firm Hillhouse.

The company said it would sell 30.4 million American Depositary Shares (ADS) priced between 16.50 dollars and 18.50 dollars per ADS. Each ADS would represent four Class A ordinary shares.

At the top end of the range, Miniso would be valued at 10.18 billion dolalrs.

According to the prospectus information, the company has more than 4,200 stores worldwide, over half of which are located in China.

Miniso's plans to go public come on the heels of numerous blockbuster initial public offerings (IPO) this year, including those of Palantir Technologies and Snowflake in recent weeks.

A number of Chinese companies, which have debuted in U.S. stock markets this year, have also attracted strong investor interest. Earlier this year, SoftBank-backed KE Holdings, which owns real estate brokerage brand Lianjia, and housing transactions platform Beike, sold over 2 billion dollars worth of shares after its IPO was priced above range.

Companies have raised more than 100 billion dollars in U.S. IPOs so far in 2020, comfortably outpacing a 62.5 billion dollars haul for all of 2019, and is on track to be the biggest year since 2000, according to data from Dealogic.

Entities affiliated with Tencent would own 4.8 percent of Miniso's stock after the offering, the filing showed.

Goldman Sachs and BofA Securities are the underwriters for the offering.

(With input from Reuters)