Chinese mainland's electric-vehicle maker Seres Group Co has started gauging investor interest for a listing in the Hong Kong Special Administrative Region that may raise $1.5 billion to $2 billion, according to people familiar with the matter.

The company, Huawei Technologies Co’s EV partner, is meeting investors this week, the people said, asking not to be named because the matter is private. Deliberations are ongoing, and the size of the deal may change, the people added. A representative for Seres declined to comment.  

The Chongqing-based firm’s stock is already listed on the Shanghai Stock Exchange. Shares have gained about 20 percent so far this year, exceeding the benchmark CSI 300’s 15 percent rise.  

Seres is among the latest to join the HKSAR’s buoyant IPO market, where proceeds are projected to reach a four-year high of over $26 billion in 2025, according to Bloomberg Intelligence estimates. Construction-machinery maker Sany Heavy Industry Co has also recently started conducting so-called investor-education meetings.

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Seres was founded in 1986, initially producing springs and shock absorbers before expanding into motorcycle manufacturing and more recently entering the EV market. It posted a net profit of 2.9 billion yuan ($406 million) for the first half of the year, an 81 percent increase from the same period in 2024.

China International Capital Corp and China Galaxy Securities Co are joint sponsors of the HKSAR listing, according to documents submitted to the exchange.