Chery Automobile Co is planning an initial public offering in the Hong Kong Special Administrative Region that may raise about $1.5 billion as early as next month, according to people familiar with the matter, adding to what is shaping up to be a busy September for new listings in the financial hub.

Deliberations are ongoing, and the size and timing of the deal could change depending on market conditions, the people said, asking not to be identified because the information is not public. The nation's securities regulator said Wednesday it approved plans for Chery to issue as many as 698.9 million ordinary shares in the HKSAR.

A representative for Chery declined to comment.

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After a summer lull, the HKSAR’s billion-dollar IPOs appear to be coming back. Zijin Gold International Co could raise about $2 billion in a listing in the city next month, while Sungrow Power Supply is planning a $1 billion listing, according to IFR. More are on the way as there were over 220 applications to list in the HKSAR as of the end of July, according to the local securities regulator.

Listings in the HKSAR have raised more than $17 billion this year, on course for their highest annual proceeds since 2021, according to data compiled by Bloomberg. Bloomberg Intelligence expects listing proceeds in the city to double to over $22 billion this year.

Chery, which assembles Jaguars and Land Rovers on the Chinese mainland, is the country’s biggest car exporter, generating revenue of 182 billion yuan ($25 billion) in the first nine months of 2024.

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China International Capital Corp, Huatai Securities Co, GF Securities Co and Citic Securities Co are overall coordinators of the IPO.