(Bloomberg) -- Ruqi Mobility, Chinese state-backed automaker GAC Group’s ride-hailing firm, has picked banks including ABC International Holdings Ltd. for its planned Hong Kong initial public offering, according to people familiar with the matter.

The company is also working with China International Capital Corp. and Huatai International on the first-time share sale, the people said. The IPO could happen as soon as next year, the people said, asking not to be identified as the information is private. The offering may raise a couple hundred million dollars, though preparations are at an early stage, they said.

Details such as the fundraising amount and bank lineup could still change, the people said. Representatives for CICC and Huatai International declined to comment, while spokespeople for ABC International and Ruqi didn’t immediately respond to requests for comment.

Ruqi is joining a crowded field of Chinese ride-hailing companies seeking first-time share sales in Hong Kong next year, including Zhejiang Geely Holding Group Co.-backed Cao Cao and Tencent Holdings Ltd.-linked T3. Didi Global Inc., a dominant force in the local industry, is also considering pursuing a Hong Kong listing after delisting from the New York Stock Exchange earlier this year.

Founded in 2019, Ruqi offers services including ride-hailing, car services and corporate transportation, according to its website. It operates primarily in the Greater Bay Area, including cities such as Guangzhou, Shenzhen, Dongguang and Zhuhai. The company is developing an open platform for autonomous vehicles in the industry, known as robotaxis.

In April, Ruqi raised more than 1 billion yuan ($143 million) in a series A financing, led by GAC Group and with participation from autonomous driving leaders Pony.ai and Guangzhou WeRide Technology Co., the website shows.

©2022 Bloomberg L.P.