Earendil Labs, a biotechnology startup that uses artificial intelligence for drug discovery, is considering listing in Hong Kong, according to people familiar with the matter.

Earendil is working with China International Capital Corp and Morgan Stanley on a share sale that might raise as much as $500 million, the people said, asking not to be identified discussing information that isn’t public.

Earendil, CICC and Morgan Stanley didn’t respond to requests for comment.

Earendil combines machine learning, generative protein engineering and experimental techniques to develop biologic therapies — complex medicines made from living organisms rather than chemical synthesis. The company is based in Delaware and is an affiliate of Beijing-based Helixon Therapeutics.

Earendil has collaborations with Sanofi SA, including one announced in January to work on autoimmune and inflammatory disease programs. Last month, it entered an agreement with Hong Kong-listed Wuxi XDC Cayman Inc on cancer therapy technology, and on Thursday announced another partnership with Wuxi Biologics Cayman Inc.

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A wide range of companies are being drawn to Hong Kong for share sales, including ones like Earendil that work in biotechnology and AI. Insilico Medicine led the charge last year with a $337 million IPO in Hong Kong in late December, the biggest by a biotech firm in the city in 2025. 

Insilico, which also uses AI for drug discovery, has climbed more than 130 percent since its debut in Hong Kong.