BrainCo has filed confidentially for an initial public offering in the Hong Kong Special Administrative Region, according to people familiar with the matter, putting it on track to be the first of the Hangzhou Six Tigers to trade publicly.

BrainCo is working with China International Capital Corp and UBS Group AG on the share sale, the people said, asking not to be identified because the information is private. It could raise several hundred million dollars, they said.

Deliberations are ongoing and details such as the size of the offering are under discussion, the people said.

Representatives for BrainCo and UBS declined to comment. CICC didn’t respond to a request for comment.

The Hangzhou Six Tigers is a group of celebrated next-generation firms from the eastern Chinese city, including DeepSeek. Hangzhou is also home to Alibaba Group Holding Ltd.

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BrainCo, founded in 2015 by Han Bicheng, develops bionic limbs and non-invasive technologies for human brains.

Shanghai Securities News reported last week that BrainCo completed a 2 billion yuan ($287 million) financing round co-led by Hong Kong-based private equity firm IDG Capital and Walden International, founded by Intel Corp Chief Executive Officer Lip-Bu Tan.

Other mainland companies making advances in brain technology include Shanghai StairMed Technology Co and Shanghai NeuroXess Technology.

Brain-computer interface industry on the mainland is expected to grow at an annual rate of 20 percent over the coming years, according to CCID Consulting Co.