Chinese mainland's chip designer Montage Technology Co has hired banks for its planned listing in the Hong Kong Special Administrative Region that could raise about $1 billion, according to people familiar with the matter.

The Shanghai-listed company is working with China International Capital Corp, Morgan Stanley and UBS Group AG on the potential share sale, the people said, asking not to be identified because the information is not public.

Montage Technology said on Friday that it was planning a listing in the HKSAR, without providing further details.

Deliberations are ongoing and plans may change, the people said.

A representative for UBS declined to comment. CICC, Morgan Stanley and Montage Technology did not immediately respond to requests seeking comment.

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Montage Technology listed on Shanghai’s Nasdaq-style Star Board in 2019 and has a market capitalization of about 93 billion yuan ($13 billion).