After two years of winter, Hong Kong’s IPO market is finally heating up with a steady stream of new listings by private Chinese companies in the final months of 2024. Now, it appears the market could soon get an additional jolt as a growing number of companies already listed on Mainland China’s domestic A-share markets seek second listings in Hong Kong.

The latest that’s reportedly considering such a second listing is Contemporary Amperex Technology Co. Ltd. (300750.SZ), also known as CATL, which is the world’s largest electric vehicle (EV) battery maker. The giant is reportedly in talks with advisers for a potential Hong Kong listing that could raise $5 billion or more as early as the first half of next year, according to a Bloomberg report, citing unnamed people familiar with the matter.

A listing of that size would be the largest since short video app operator Kuaishou (1024.HK) raised $6.2 billion in its 2021 IPO, according to Bloomberg. What’s more, the final fundraising amount could easily surpass Kuaishou’s, since $5 billion would represent just a tiny 3.1% of CATL’s current market value of $160 billion.