China’s Hesai Group, the world’s largest maker of lidar sensors used in driver assistance systems, has confidentially filed for a Hong Kong listing, according to people familiar with the matter.

U.S.-listed shares of the company rose 8% in premarket trading.

Nasdaq-listed Hesai is working with banks on a potential offering that may take place this year, the people said, asking not to be identified because the deliberations are private. Considerations are ongoing and details such as size and timing are not finalized, the people said.

A representative for Hesai didn’t immediately respond to a request for comment.

Other US-listed Chinese companies are considering listing in Hong Kong amid renewed concerns about American stock exchanges kicking Chinese firms out and geopolitical tensions between the two countries. Autonomous-driving company Pony AI Inc. confidentially filed to help raise capital to grow its business, people familiar with the matter have said.

Last month US Treasury Secretary Scott Bessent, asked about delisting companies, said all options are “on the table” in trade negotiations with China. That fueled expectations that US-traded Chinese companies that hadn’t already listed in Hong Kong would seek to do so.

Hesai was added to a Pentagon blacklist of companies linked to China’s military last year. The company has denied any ties with the country’s military and has challenged its inclusion in the list.

Since its foundation in 2014, Hesai has grown rapidly to become the world’s largest supplier of lidars — short for light detection and ranging — a remote sensing technology that helps vehicles navigate their surroundings.

Hesai is on a growth trajectory that won’t be stopped by geopolitics, Chief Executive Officer David Li said in an interview with Bloomberg Television in November. The company is poised to benefit even more from the fast development of advanced driving-assistance systems, a technology that Tesla Inc. and Chinese automakers see as the future of mobility.

Hesai raised $192 million in its US IPO in 2023 and its shares are down almost 9% from their offer price, giving it a market capitalization of $2.3 billion.