Chinese e-commerce startup Pinduoduo is seeking between $16 and $19 per share in its upcoming initial public offering on the Nasdaq stock market, according to its latest U.S. Securities and Exchange Commission filing on July 16. At the upper end of that range, Pinduoduo would gather $1.63 billion in funding from the IPO and would see a valuation at about $24 billion. Pinduoduo is one of China's rising e-commerce companies, and major stakeholder Tencent hopes it can leverage it in its competition against rival Alibaba. China's growing appetite for technology and online services has supported the growth of a number of its tech giants and entrepreneurs. The three largest companies — Baidu, Alibaba and Tencent, which are known as the BATs, an acronym of their names — are competing for supremacy over China's internet industry.