Hangzhou fashion and lifestyle platform Mogu is seeking $200 million in an IPO on the New York Stock Exchange.

Formerly known as Meili, the firm is backed by Hong Kong-listed gaming and tech giant Tencent, which holds an 18 per cent stake and is represented on its management board by managing partner Zhaohui Li. It was previously seeking a $500 million investment before the offering was downsized.

In its filing with the US Securities and Exchange Commission, Mogu described its platform as an interactive community that helps its users immerse in fashion and purchase apparel from Mogu’s merchants and brand partners. The majority of users access the platform through a mobile app and via Tencent portals.

The filing said Mogu’s gross merchandise volume (GMV) increased 25 per cent over last year’s results in its recent six-monthly financials, while its revenue increased 2 per cent year-on-year to $71.3 million.

The company cited research showing the GMV of China’s fashion e-commerce industry could reach more than $1 trillion within five years.