Baidu Inc is considering upgrading its Hong Kong listing to primary status to gain more exposure to investors in Chinese mainland and protect itself from potentially unfavorable US policies, according to people familiar with the matter.

The technology company — with a market value of $52 billion — trades on the Nasdaq and has a second listing in Hong Kong. That makes it more accessible to investors in Asia, but not in Chinese mainland because it still isn’t eligible for the so-called stock connect. A primary listing would help Baidu qualify for cross-border trading, opening up investment flows from the mainland to Hong Kong.

Deliberations have gathered momentum with Baidu’s plan to list Kunlunxin, a unit that makes chips to power data centers and artificial intelligence applications, the people said. Upgrading the Hong Kong listing might offer a hedge against US sanction risk given the political sensitivity of the sector, the people said, asking not to be identified because the information is private.

READ MORE: Baidu raises US$3.1 billion from second listing in HK

Hong Kong’s stock market has been a bright spot. The Hang Seng Index has risen 40 percent in the past year and companies are flocking in to raise billions of dollars in share sales. AI chip designer Shanghai Biren Technology Co has soared nearly 100 percent in the two weeks since its listing in the city.

Dual-primary listings like the one Baidu is considering have stricter reporting requirements, as well as more administrative and other expenses. Chinese mainland based companies also need to meet criteria on weighted voting rights to qualify for the stock connect.

A Baidu spokesperson didn’t respond to an email seeking comment.

READ MORE: Sources: Baidu to sell around 4% of shares in HK listing

Baidu’s American Depositary Receipts have climbed about 90 percent over the past 12 months, outperforming the Nasdaq Golden Dragon China Index, which is up 21 percent.