(Bloomberg) -- Zhejiang Sanhua Intelligent Controls Co. has picked banks for a second listing in Hong Kong that could raise at least $500 million, according to people familiar with the situation.
China International Capital Corp. and Huatai Securities Co. are among the banks picked as arrangers for a listing of the Chinese heating systems supplier that may take place as soon as next year, the people said, asking not to be identified discussing a private matter.
Deliberations are ongoing and details including the size of an offering and timing could change, the people said.
Representatives for Sanhua, as the company is known, CICC and Huatai didn’t respond to requests seeking comment.
Founded in 1984, Sanhua is mainly engaged in making and supplying heating, ventilation and thermal management systems, according to its website. The company operates 10 production bases and over 50 factories worldwide, including in China, other parts of Asia, Europe and the US.
It recently said it had appointed an auditor and was eyeing a listing in Hong Kong after dropping a plan to offer global depositary receipts in Switzerland.
The company’s Shenzhen-listed shares have dropped about 21% this year, giving the company a market value of $11.9 billion.
Several other Chinese companies that trade on mainland exchanges are considering second listings in Hong Kong as activity in the city picks up again. They include Huawei Technologies Co. partner Seres Group Co., Eastroc Beverage Group Co., and condiment maker Foshan Haitian Flavouring & Food Co., Bloomberg News has reported.
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