Sany Heavy Industry Co is considering an initial public offering for one of its units in the Hong Kong Special Administrative Region, according to people familiar with the matter.

The electric truck maker, Hunan Xingbida Network Technology Co, could raise about $500 million in an IPO, the people said, asking not to be identified because the information is private. Deliberations are ongoing, they said.

Sany Heavy didn’t respond to requests for comment.

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Competitor Xuzhou XCMG Automobile Manufacturing Co is also exploring a listing in the SAR to raise as much as $500 million, people familiar with the considerations said last week.

Sany Heavy raised about HK$13.5 billion ($1.7 billion) in an October share sale in Hong Kong, the world’s top market for IPOs. After gaining as much as 49 percent, the shares are now up only about 3 percent since their debut. Sany Heavy’s been listed in the Chinese mainland much longer. It has a market value of nearly $28 billion.

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Almost $20 billion has already been raised in Hong Kong IPOs this year. Some of the billion-dollar-plus listings include Nvidia Corp supplier Victory Giant Technology Huizhou Co, Muyuan Foods Co and Eastroc Beverage Group Co.