Chi Forest, a maker of low-calorie sparkling drinks and flavored teas, is considering a Hong Kong initial public offering, people familiar with the matter said, following in the footsteps of other Chinese mainland beverage companies.

The drinks manufacturer, formerly known as Genki Forest, has held early talks with potential advisers about the share sale, according to the people, who asked not to be identified because the discussions are private.

Deliberations are preliminary and details such as the size and timing of the IPO haven’t been decided, the people said. A representative for Chi Forest said the company doesn’t have an IPO plan at present.

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Chi Forest’s valuation reached $15 billion at the end of 2021, people familiar with the matter, as well as local media, said at the time. Earlier that year, Chi Forest said a funding round had given it a $6 billion valuation, up from $2 billion in 2020.

Founded in Beijing in 2016, Chi Forest is backed by investors including Warburg Pincus, Singapore’s Temasek Holdings Pte and Cathay Capital.

If it does proceed with an IPO, Chi Forest would join several other mainland beverage companies listing in the Hong Kong Special Administrative Region, where investors have shown appetite for sector leaders.

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Energy drink company Eastroc Beverage Group Co is gauging investor demand for a Hong Kong listing, and tea chains including Guming Holdings Ltd and Mixue Group made their debuts last year and rapidly rose. Guming has climbed 188 percent since February and Mixue is up 115 percent since March.

Chi Forest makes flavored, zero-sugar sparkling waters as well as energy drinks and teas. The company also sells its products in countries including the US, UK, France, Singapore, Japan and Australia.