BioMap Beijing Intelligent Technology Co has filed confidentially for a Hong Kong initial public offering that could raise a few hundred million dollars this year, according to people familiar with the matter.

The Baidu Inc-backed artificial intelligence and life sciences startup is working with China International Capital Corp, Morgan Stanley and UBS Group AG on the planned offering, the people said, asking not to be identified because the information is private.

Deliberations are ongoing and details such as size and timing could change, the people said. BioMap and CICC didn’t respond to requests for comment. Representatives for Morgan Stanley and UBS declined to comment.

BioMap was founded in 2020 by Robin Li, Baidu’s co-founder, and Liu Wei, former chief executive officer of Baidu Ventures. The company developed an AI system that models and helps predict biological mechanisms and promises to improve drug development efficiency and success rates.

Liu, now BioMap CEO, said last year the company was planning to seek a public listing in Hong Kong over the next year and a half.

Companies that apply AI to drug discovery have become popular with investors as Hong Kong sees a resurgence in health-care deals after a years-long slump. Insilico Medicine was one of the more high-profile ones last year, raising $337 million in its December IPO and soaring 130 percent since its debut.

ALSO READ: AI drug discovery startup Earendil is said to consider Hong Kong IPO

Other AI drug discovery companies planning to go public in Hong Kong include Earendil Labs, people familiar with the matter have said.

The Hang Seng Biotech Index is up more than 30 percent in the past 12 months. Health-care IPOs and additional share sales raised over $13 billion in Hong Kong in 2025, a four-year high, data compiled by Bloomberg show.