Victory Giant Technology (Huizhou) Co, a maker of printed circuit boards on the Chinese mainland, is preparing for a listing in the Hong Kong Special Administrative Region that may raise more than $2 billion, according to people familiar with the matter.

The company, which already trades in Shenzhen, plans the second listing as soon as April, the people said, asking not to be identified because the information isn’t public. The nation's securities regulator gave the green light last week for the offering, which Victory Giant’s board had approved back in July.

Deliberations are ongoing and the size and timing of the deal may still change, the people added. A representative for Victory Giant declined to comment.

In the first nine months of last year, Victory Giant made 13.4 billion yuan ($1.9 billion) in revenue from printed circuit board products, the intricate electronic backbone for artificial-intelligence servers. The Shenzhen-listed shares of the company, which was founded in 2006, have quadrupled over the past year.