This screenshot taken on Sept 18, 2020 shows the website of JD Health.

JD Health has selected banks for its planned Hong Kong initial public offering, which it could file for as soon as this month, according to people familiar with the matter.

Hong Kong has seen a parade of biotech firms go public in the city and individual investors have at times put in so many orders than institutional buyers struggled to get their hands on the stocks

The online health care unit of China’s No. 2 e-commerce giant JD.com Inc. has picked Bank of America Corp., Haitong International Securities Group Ltd. and UBS Group AG to work on the listing, the people said. JD Health aims to raise at least US$1 billion from the share sale, the people said, asking not to be identified as the matter is private.

Details of the offering including the size and timeline are subject to change, they said. A representative for JD didn’t respond to requests for comment. Representatives for Bank of America and UBS declined to comment.

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Health care companies in Asia have embarked on a record wave of fundraising as the sector enjoys buoyant valuations thanks to surging investor demand. Hong Kong has seen a parade of biotech firms go public in the city and individual investors have at times put in so many orders than institutional buyers struggled to get their hands on the stocks.

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Some US$12.7 billion has been raised by health-care companies through first-time share sales in Asia this year, higher than full-year tally of any of the past 12 years, data compiled by Bloomberg show. US-traded JD.com raised about US$4.5 billion through a second listing in Hong Kong in June.