Contemporary Amperex Technology Co Ltd is considering a share sale to raise as much as $5 billion in the Hong Kong Special Administrative Region after rallying strongly since its May listing in the city, according to people familiar with the matter.

Fujian-based CATL, the world’s biggest maker of electric-vehicle batteries, has held preliminary talks with banks about the placement, the people said, asking not to be identified because the deliberations are private.

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The Chinese mainland company has also been considering selling convertible bonds to meet some of its funding needs, two of the people said. Considerations are ongoing and no final decisions have been made, the people said.

CATL shares slid as much as 6.2 percent in Hong Kong on Tuesday morning following reports on the possible share sale.

A representative for CATL didn’t respond to a request for comment.

CATL last month reported full-year profit that beat estimates after it weathered a price war in the mainland by boosting overseas sales and leveraging its dominance in the energy-storage industry. Its first-quarter earnings are due this week.

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CATL’s Hong Kong shares had surged 160 percent through Monday since a second listing in May. The company has a market value of about $282 billion.

Other media including Dealreporter and IFR reported on CATL’s share sale considerations previously.