Biel Crystal Manufactory Ltd, one of the world’s largest producers of glass covers for phones, is considering reviving its plans for a Hong Kong initial public offering amid a resurgence of listings in the financial hub, according to people with knowledge of the matter.

The Hong Kong-based company, which is a supplier to smartphone manufacturers like Apple Inc and Samsung Electronics Co, has held preliminary discussions with advisers to help prepare for a first-time share sale, the people said, asking not to be identified because the deliberations are private. Biel could seek to file documents with the Hong Kong Special Administrative Region’s stock exchange as soon as this year, the people said.

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Considerations are at an early stage and Biel could decide against proceeding with the IPO, the people added.

A representative for Biel declined to comment.

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Biel resurrected the listing plan in 2021, but after filing twice with the Hong Kong stock exchange, the company again abandoned the attempt as the IPO market went into a deep slump.

The fresh effort comes as the Hong Kong SAR experiences a surge in share sale activity, driven mainly by companies that trade in the Chinese mainland seeking to list in the city, as well as improving investor confidence around the mainland economy.

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That’s helped propel a 22 percent gain in the Hang Seng Index this year, and taken the benchmark to its highest since early 2022.

Lens Technology Co, one of Biel Crystal’s main competitors, is among the companies to have listed in the SAR this year. Lens raised $607 million in its share sale earlier this month, and has climbed 15 percent since.

Founded in 1989, Biel is named after the Swiss city famous for its watchmaking. Its founder Yeung Kin-man has a net worth of almost $8 billion, according to the Bloomberg Billionaires Index