Chinese cloud-computing and IT infrastructure company Unisplendour Corp is preparing for a second listing in Hong Kong as soon as this year that could raise about $1 billion, people familiar with the matter said, as mainland-listed companies make a beeline to sell shares in the city.  

The company is currently listed in Shenzhen, where its shares have climbed 45 percent over the past year, giving it a market value of 70.8 billion yuan ($9.7 billion).

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Unisplendour’s deliberations are ongoing, and details including the size and timing of a potential offering may change, the people said.

Established in 1999, Unisplendour provides information-technology services such as cloud computing and software development. It also makes equipment such as servers and computing storage systems.

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Unisplendour, which posted revenue of about 59 billion yuan in the first nine months of 2024 and net income of 1.6 billion yuan, trades at around 34 times its earnings, compared with the CSI 300 Index’s roughly 15 times multiple.

Bankers and lawyers are expecting 2025 to be a better year for share listings in Hong Kong, with a sizable portion coming from firms that trade on the mainland. Among the most prominent, Shenzhen-listed electric-vehicle battery maker Contemporary Amperex Technology Co Ltd, known as CATL, is planning a Hong Kong float that could raise at least $5 billion, Bloomberg News has reported.