(Bloomberg) — Beijing Zhuanzhuan Spirit Technology Co., an online second-hand marketplace backed by Tencent Holdings Ltd., is considering raising about $400 million in a new funding round before an initial public offering, according to people familiar with the matter.

The company, currently valued at $3 billion, is gauging interest from private equity and strategic investors for the fundraising, the people said, asking not to be named as the matter is private. Zhuanzhuan, which means “pass on” in Chinese, is exploring an IPO as soon as next year and the U.S. is among listing venues under consideration, the people said.

The plan comes as China started a cybersecurity review of online platforms following an order to remove Didi Global Inc.’s app from Chinese app stores. China’s online classified marketplace 58.com Inc. in 2015 founded ZhuanZhuan, which has since raised about $800 million in three rounds of funding. The startup in June raised another $100 million in a round led by Xiaomi Inc.

Deliberations are ongoing and details on the company’s fundraising plans could still change, the people said. A representative from Zhuanzhuan said the startup doesn’t have any relevant plan without elaboration.

Chinese consumers are increasingly embracing second-hand goods from clothing and electronics to luxurious handbags and car. JD.com Inc.-backed Aihuishou International Co., which operates a platform that facilities recycling and trade-in of electronic products, raised about $227 million from a U.S. IPO last month.

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