Chinese mainland’s biggest maker of medical devices, Shenzhen Mindray Bio-Medical Electronics Co, has picked banks for its planned listing in the Hong Kong Special Administrative Region, according to people familiar with the matter.

Huatai Securities Co and JPMorgan Chase & Co are working on the share sale, the people said, asking not to be identified because the information is private. More banks may be added at a later stage, the people said.

Mindray could raise at least $1 billion in the listing, Bloomberg News reported in July.

Representatives for Huatai and JPMorgan declined to comment. Mindray didn’t respond to a request for comment.

With a market value of roughly 290 billion yuan ($41 billion), Mindray is among the largest mainland-traded companies to seek a second listing in the HKSAR. The city has seen a surge in such deals this year, prompted by support from the nation's regulators, improved liquidity and investor confidence.

READ MORE: HKSAR's new listing rules seen as helping hot market to stay hot

First-time share sales in the Asian financial hub are poised to surge to a four-year high of more than $26 billion this year, according to Bloomberg Intelligence estimates.

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.