Muyuan Foods Co, one of the world’s biggest pig breeders and pork producers, has started gauging investor interest for a listing in the Hong Kong Special Administrative Region that may raise as much as $1.5 billion, according to people familiar with the matter.

The Chinese mainland company, whose shares are already traded in Shenzhen, may list its shares in the HKSAR as early as February, the people said, asking not to be identified because they weren’t authorized to speak publicly.

Deliberations are ongoing, and the size and timing of the deal may change, the people added. Muyuan didn’t immediately respond to a request for comment.

The listing would be adding to what has been a busy start to the year, with proceeds from first-time share sales having set a record for any January in the city. Mainland energy-drink maker Eastroc Beverage Group Co last week also started gauging investor interest for a second listing in the HKSAR that may raise more than $1 billion, people familiar with the matter have said.

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The Henan-based company traces its roots to a hog farm established in 1995. Muyuan last week reported preliminary net income of 14.7 billion yuan ($2.1 billion) to 15.7 billion yuan for 2025. The shares have gained 27 percent over the past year, with the company currently valued at about $37 billion.

Morgan Stanley, Citic Securities Co and Goldman Sachs Group Inc are joint sponsors of Muyuan’s listing.