Shenzhen Mindray Bio-Medical Electronics Co, the Chinese mainland’s biggest maker of medical devices, is considering a second listing in Hong Kong Special Administrative Region that could raise at least $1 billion, according to people familiar with the matter.

Mindray has held discussions with prospective advisers about the potential share sale, the people said, asking not to be identified discussing private information. Deliberations are ongoing, the people added.

Mindray didn’t respond to a request for comment.

ALSO READ: Medical device sector bolstered by innovation

With a market value of 274 billion yuan ($38 billion), Mindray would be among the largest mainland-traded companies to seek a second listing in HKSAR. The city’s seen a jump in such deals this year, buoyed by the support of mainland regulators.

Proceeds from listings in the HKSAR have climbed to more than $16 billion in 2025. They include Contemporary Amperex Technology Co Ltd, which raised $5.2 billion in the world’s biggest first-time share sale this year, and drugmaker Jiangsu Hengrui Pharmaceuticals Co pulling in about $1.5 billion. 

READ MORE: Dual listing pipeline could make city top IPO spot

Mindray, which produces equipment such as ventilators and defibrillators, listed in Shenzhen in 2018 after delisting from the New York Stock Exchange in a 2016 privatization deal.

The company’s shares have fallen more than 50 percent from a record high in 2021, when demand for ventilators surged because of the COVID pandemic. Mindray’s revenue was 36.7 billion yuan in 2024, missing estimates.