Meituan is considering a second listing on the Chinese mainland as soon as next year after its Hong Kong shares more than quadrupled in the two years since its debut, according to people familiar with the matter.

Deliberations are at an early stage and the company hasn’t made any final decisions on timing nor size of the potential offering, the people said

The world’s largest meal delivery service has held initial discussions with advisers for the potential share sale in the mainland, said the people, who asked not to be identified. Meituan is weighing ChiNext, a Nasdaq-style board under the Shenzhen Stock Exchange, among possible listing venues in China, one of the people said.

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Deliberations are at an early stage and the company hasn’t made any final decisions on timing nor size of the potential offering, the people said. A representative for Meituan said the company has no plans or timetable for a secondary listing.

Meituan’s shares erased earlier losses and rose as much as 2.7 percent to a record high in Hong Kong following the Bloomberg News report.

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Meituan, backed by Tencent Holdings Ltd, raised about US$4.2 billion in its Hong Kong initial public offering in 2018. The stock has since jumped more than 300 percent after the company turned profitable and demand for takeout service bounced back from a pandemic-induced disruption. Meituan has a market value of about US$223 billion as of Tuesday.