Chinese mainland discount online retailer Vipshop Holdings Ltd is considering a listing in the Hong Kong Special Administrative Region as soon as next year, according to people familiar with the situation.

The company, which is already listed in the US, is working with advisers on a potential share sale, the people said, asking not to be identified because the information is private. Deliberations are ongoing and may not result in a listing, they said.

A representative for Vipshop didn’t respond to a request seeking comment.

Several mainland companies have been looking to Hong Kong for second listings, helping to drive deal activity in the Asian financial hub. They include mainland-traded firms trying to get better access to foreign investors. The Hang Seng Index’s strong performance has helped too — it’s up 34 percent this year.

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Recent deals include US-listed mainland robotaxi firms Pony AI Inc and WeRide Inc debuting in the SAR on the same day last week.

Vipshop’s shares have climbed 47 percent in the US this year, giving it a market capitalization of $10.2 billion.