Chinese cloud computing and IT infrastructure company Unisplendour Corporation is considering listing in Hong Kong in an effort to raise around $1 billion.

As reported by Bloomberg, Unisplendour is said to have invited various banks to pitch for a role in the listing, according to people familiar with the plans.

Unisplendour is currently listed in Shenzhen, China, though is seemingly one of many mainland companies looking to also list on Hong Kong's exchange. The company is currently valued at around $9.7 billion, having seen its shares grow by 45 percent over the last year.

Hong Kong has granted waivers to some mainland-traded companies that will enable them to issue at least 15 percent of their shares via a Hong Kong listing. The exchange is also in discussions about lowering the barrier to this.

According to Bloomberg's sources, discussions about the second listing remain ongoing including regarding the size of the listing and its timing.

Unisplendour was founded in 1999 and is a partially state-owned company, part of the Tsinghua Unigroup. The company offers cloud computing services, software development, and also makes servers and computing storage systems.

In 2021, Tsinghua Unigroup faced bankruptcy. By 2022, it had completed the registration procedures and was owned by Beijing Zhiguangxin Holding.

The company has a majority share of Hewlett Packard's Chinese server, storage, and technology business - H3C.

Hong Kong's stock exchange has been expanding its relationship with mainland China-based exchanges. In April 2024, Fortune reported that the China Securities Regulatory Commission had announced new measures that would deepen links between Hong Kong, Shenzhen, and Shanghai's stock markets.

Among those measures was the Shanghai–Shenzhen–Hong Kong Stock Connect program, which links HK-based investors to mainland Chinese stock markets and vice versa. The CSRC also stated it would encourage Chinese companies to list in Hong Kong.

Among the reasons to do so include enabling Chinese companies to tap into international capital.

Despite this encouragement, ongoing tensions between the US and China have made companies wary of listing on the Hong Kong exchange, with Fortune noting that 2024 was the worst year for the stock exchange.