Zhongji Innolight Co, a Chinese mainland maker of optical communication modules and devices, has picked banks for a Hong Kong Special Administrative Region listing that could raise $3 billion or more, according to people familiar with the matter.

The company is working with China International Capital Corp, GF Securities Co, Goldman Sachs Group Inc and Morgan Stanley on the potential share sale, the people said, asking not to be identified because the information is private.

With a market capitalization of 546 billion yuan ($77 billion), Innolight could be one of the biggest companies to list in Hong Kong next year, along with the likes of AirPod maker Luxshare Precision Industry Co.

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Details of the Innolight offering such as size and timing are preliminary and subject to change, the people said.

Innolight issued a statement Monday saying that it plans to list in Hong Kong, but it didn’t provide further information.

Goldman Sachs and Morgan Stanley declined to comment. Innolight, CICC and GF didn’t respond to requests for comment.

Innolight already trades in Shenzhen, where its shares have been on a tear in the second half of 2025, climbing 237 percent since the end of June for a 300 percent gain this year.

The rally has been spurred by strong earnings and enthusiasm for artificial intelligence and related industries, particularly as the mainland pushes for homegrown technology in chipmaking and cloud computing. Innolight makes optical transceivers used in cloud computing and data centers, as well as fixed-line networks.

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Many mainland-traded firms are flocking to sell shares in the Hong Kong SAR, often to support their overseas expansion. That’s driving a boom in equity offerings in the city, with first-time share sales fetching almost $32 billion in 2025 and heading for a four-year high, data compiled by Bloomberg show.