Full Truck Alliance, China's self-styled 'Uber for Trucks,' recently filed to go public on the New York Stock Exchange. The company, known in China as Manbang Group, has a cadre of influential investors backing its filing, with names like Alphabet (GOOGL  ), SoftBank (SFTBY  ), and Tencent Holdings (TCEHY  ) all counting themselves as some of its principal investors, according to the Wall Street Journal.

According to WSJ sources familiar with the matter, the company is looking to raise at least $1 billion based on a $20 to $30 billion valuation. However, the listing doesn't disclose any details regarding fundraising or when exactly Full Truck will fully feature on U.S. stock exchanges.

Based in Guiyang and with operations in 300 cities across mainland China, Full Truck Alliance runs a mobile app that connects truck drivers with businesses that need goods shipped. The company pulls in revenue through the membership fees it collects from drivers, although it recently began charging its drivers commission. It also offers drivers fuel cards, access to second-hand trucks, insurance, and documentation services.

According to its own data, Full Truck facilitates $100 billion in transactions annually. Last year it was the largest digital freight platform in terms of gross transaction value, according to China Insight Consultancy.

In January, Bloomberg hinted at a potential IPO, although Full Truck vehemently denied these rumors at the time. Prior to those reports, the company managed to pull in $1.7 billion in its last funding round, which it used to expand local delivery services and firm up its shipping network.

Since the pandemic, China's logistical network has felt the strain of increased online shopping from within and export orders from without. However, these growing pains have been good news for Full Truck and its network of drivers. In January, sources told Bloomberg that Full Truck managed to turn a profit, of ¥ 135 million, for the first time last year. However, the WSJ has since reported that Full Truck posted a loss due partly to the company's share-based compensation scheme.

2020 may have opened up new opportunities for Full Truck, but 2021 and beyond will bring new challenges, chief among them: the ongoing crackdown by Beijing's top-brass on China's burgeoning tech sector. In November, top officials scuttled Ant Group's highly anticipated IPO, and while Full Truck is a much smaller company, there's no guarantee similar regulatory headwinds won't batter its listing.

Full Truck mentions that it can offer no assurances that the company won't face "substantial penalties" in the future in its prospectus. The document adds that the firm may not be able to maintain its current business model in the face of sufficient regulatory pressure.

Competition to provide shipping services is also stiffening across mainland China, bringing further challenges for the Full Truck. Smaller direct competitors, like Huolala, are looking to carve their slice of the emerging 'truck sharing market. Alibaba (BABA  ), sometimes known in the west as "Chinese Amazon," likely drives much of the traffic which Full Truck manages, yet the e-retailer is currently looking into launching its own competing service to connect merchants with delivery drivers.

The company's filing offers no clear timeline for a public debut, but it appears that the listings underwriters include Morgan Stanley (MS  ), China International Corp, and Goldman Sachs (GS  ). Full Truck Alliance plans to list under the symbol YMM.