IQiyi Inc. is seeking to raise $300 million in a Hong Kong market debut this year, becoming the latest US-listed Chinese firm to tap investors closer to home.

The Netflix-style streaming service owned by Baidu Inc. has begun discussions with global banks about a second listing in the city, people familiar with the matter said, asking to remain anonymous discussing a private deal.

US-listed shares of iQiyi jumped 6.5% in premarket trading.

IQiyi, which like Netflix hosts a plethora of content from Chinese period dramas to blockbuster Hollywood films, joins the likes of Contemporary Amperex Technology Co. Ltd. in exploring a second listing in Hong Kong. The company vies with Tencent Holdings Ltd. and Alibaba Group Holding Ltd. to rank among the biggest video-streaming platforms in China, with an estimated 400 million-plus monthly active users.

Negotiations around a listing are fluid and iQiyi may still reconsider. A company spokesperson didn’t provide comment when reached by Bloomberg News.

If it goes ahead, the Chinese firm will join a wave of listings that’ve fueled Hong Kong’s revival this year. They helped the city reclaim its standing as the world’s second-largest market for share sales for the first time since 2012, reversing a years-long slump following the Covid-19 pandemic. Loosening regulations helped.

Chinese companies have propelled that trend — mostly, like CATL, mainland-listed firms. But analysts have long speculated that companies like iQiyi and PDD Holdings Inc. would consider the idea of a market debut on friendlier ground.

Many seek not just a broader range of investors arguably more familiar with their businesses, but also to mitigate the risk to their US tickers should tensions with Washington escalate.

Before the pandemic, companies such as Alibaba and Baidu successfully debuted in Hong Kong after initial public offerings in the US.