MegaRobo Technologies Co is planning a Hong Kong initial public offering as soon as this year, according to people familiar with the matter, amid a jump in stocks from the biotechnology sector.

The company, which applies robotics and artificial intelligence in life-sciences research, is working with advisers to raise $300 million or above in the listing, the people said, asking not to be named to discuss a private matter.

Deliberations are ongoing, and details of the offering such as its size and timing may change, the people said. MegaRobo didn’t respond to a request for comment.

The Hang Seng Biotech Index has risen more than 50 percent this year. More broadly, proceeds from Hong Kong listings are expected to double to more than $22 billion in 2025 after big deals such as Contemporary Amperex Technology Co Ltd’s.

Founded in 2016 in Beijing, MegaRobo counts contract drug researcher WuXi AppTec Co, the venture arm of German conglomerate Robert Bosch GmbH and Sinovation Ventures as its backers. In 2022, MegaRobo raised about $300 million from an arm of Goldman Sachs Group Inc and other investors.