Industrial robot maker Shenzhen Inovance Technology Co has picked banks for a Hong Kong listing that could raise as much as $2 billion, according to people familiar with the matter.

Inovance is working with Bank of America Corp, China International Capital Corp, Guotai Junan International Holdings Ltd and Morgan Stanley on the planned share sale, the people said, asking not to be identified because the information is private.

The Chinese mainland company said in January it was planning a listing in the Hong Kong Special Administrative Region, without giving further details.

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A wave of mainland-listed firms is looking to sell shares in the Asian financial hub, in many cases to raise funds for overseas expansion. Such deals accounted for the majority of Hong Kong’s listing proceeds in 2025, when funds raised hit a four-year high of $37 billion, data compiled by Bloomberg show.

Considerations about a Hong Kong listing are ongoing and details like size may change, the people said. Representatives for Inovance, CICC and Guotai didn’t respond to requests for comment, while Morgan Stanley and Bank of America declined to comment.

Founded in 2003, Inovance already trades in Shenzhen, where it went public in 2010. It now has a market capitalization of 182 billion yuan ($26 billion). The stock hit a record high in October but has fallen about 25 percent since.

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Inovance makes industrial automation solutions and robots for sectors including plastics, packaging and iron and steel production, according to its website.

The mainland has prioritized developing a strong high-tech manufacturing industry, and robotics has emerged as a strategic sector with uses in increasingly complex roles. Unitree Robotics, a leading humanoid robot maker, recently filed for a 4.2 billion yuan Shanghai initial public offering.