Guangzhou-based Yatsen Holding Ltd., the parent company of budget cosmetics and skin-care brand Perfect Diary, has filed for an IPO on the New York Stock Exchange (NYSE), joining a flurry of Chinese firms planning to list on U.S. bourses this year despite mounting tensions between Beijing and Washington.

The company, which targets younger consumers with budget products undercutting more established international brands, intends to use the proceeds from the planned IPO to make investments and acquisitions, develop new products and data analytics technology, open new physical stores and maintain daily business operations, according to a prospectus submitted on Friday to the U.S. Securities and Exchange Commission.

The prospectus did not specify how much money Yatsen plans to raise from the planned IPO.

In the first three quarters of 2020, Yatsen suffered a net loss of 1.2 billion yuan ($170.4 million), compared with a net profit of 29.1 million yuan in the same period of last year, according to the prospectus.

As of Sept. 30, 2020, Yatsen had over 200 physical “experience” stores across more than 90 cities in China and served 23.5 million direct-to-consumer customers, the prospectus said.

Recently, the company closed a funding round led by Warburg Pincus, The Carlyle Group and Loyal Valley Capital, which increased its valuation to $4 billion from $2.5 billion in April.

Contact reporter Ding Yi (yiding@caixin.com)

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