(Bloomberg) -- Ruipu Energy Co., a Chinese maker of batteries for electric vehicles backed by the world’s largest nickel producer, is considering raising funds ahead of a potential listing in Hong Kong as early as this year, according to people familiar with the matter.

REPT, as the business is known, is seeking to raise funds at a valuation of nearly 30 billion yuan ($4.7 billion), the people said, asking not to be identified because the matter is private. The company, whose investors include China’s Tsingshan Holding Group Co., aims to raise about 3 billion yuan from new and existing backers, the people said. 

The deal may be followed by an initial public offering that could help the firm raise about $1 billion or more in Hong Kong, the people said.

Considerations are ongoing and details of the fundraising and the IPO such as size and timing could change, the people said. A representative for REPT couldn’t immediately respond to requests for comment.

Founded in 2017, REPT develops cells for lithium-ion batteries used in electric vehicles and applications for power and energy storage, according to its website. The company has a plant in Wenzhou and plans to spend 10.3 billion yuan building a lithium-ion battery factory in Foshan, Guangdong province, according to a statement on Tsingshan Holding’s WeChat channel last April.

Tsingshan Holding was at the center of the nickel market squeeze in March, when the tycoon behind the firm bet heavily against the metal’s price.

Read More: Behind the Nickel Mess on the London Metal Exchange: QuickTake

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