JD’s supply-chain technology unit has started gauging interest for a Hong Kong initial public offering that may raise around $500 million in the coming weeks, people familiar with the matter said, setting it on course to complete a more than two-year attempt to go public.

Jingdong Industrials Inc started Monday so-called investor education meetings, according to terms of the deal seen by Bloomberg News. It first filed for an IPO in March 2023, but received approval from the Chinese mainland’s securities regulator only in September.

The unit plans to use proceeds from the offering to boost its industrial supply-chain capabilities, including improving artificial-intelligence technologies, as well as expanding and pursuing investments and acquisitions, according to its latest listing paperwork.

The offering adds to a rush of deals in the Hong Kong Special Administrative Region, where listings are expected to exceed $40 billion in 2025, according to Bloomberg Intelligence.

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Jingdong Industrials’ value would be better reflected through a carve-out listing, allowing it to directly tap equity and debt capital markets, JD said in 2023.

JD’s shares have fallen about 18 percent in Hong Kong this year, compared with a 27 percent gain for the city’s stock benchmark Hang Seng Index.

Bank of America Corp, Goldman Sachs Group Inc, Haitong International, and UBS Group AG are joint sponsors of the offering.