(Bloomberg) -- Shanghai Biren Intelligent Technology Co. is considering an initial public offering in Hong Kong, people familiar with the matter said, reviving a listing plan after also looking at Shanghai.

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Biren could seek to raise about $300 million in the IPO, the people said, asking not to be identified discussing private information. The artificial intelligence chipmaker is working with China International Capital Corp., BOC International Holdings Ltd. and Ping An Securities Co. on the potential share sale, which could take place this year, the people said.

Deliberations are ongoing and details such as size and timing may change, the people said. Biren could also decide against an IPO, they said.

Representatives for Biren, CICC, BOCI and Ping An didn’t immediately respond to requests for comment.

Biren’s renewed interest in an IPO coincides with a wave of investor enthusiasm for Chinese AI after the emergence of DeepSeek’s latest lower-cost model, embraced as a potential industry game-changer. DeepSeek’s breakthrough has prompted a rotation into Chinese stocks and fueled a rally in Hong Kong too.

Tech firms have jumped on the opportunity to raise funds in Hong Kong, including chipmaker Black Sesame International Holding Ltd. Chinese President Xi Jinping hosting a tech summit last week has also lifted sentiment.

Having initially considered Hong Kong for an IPO venue in 2023, Biren explored the possibility of a listing on Shanghai’s STAR board in 2024 or 2025, Bloomberg News reported previously. That opportunity waned last year as China restricted first-time share sales on the mainland to prop up its sagging stock market. At the same time, the securities regulator has been encouraging companies to list in Hong Kong to bolster the city’s status as an international financial center.

Biren’s backers include China Merchants Capital Management Co., IDG Capital and Ping An Insurance Group Co.

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