(Bloomberg) -- Shanghai United Imaging Healthcare Co., a medical imaging and radiotherapy equipment maker, is weighing a Hong Kong initial public offering that could raise at least $1 billion, according to people familiar with the matter.

The company is working with advisers on the prospective listing and is considering going public as soon as later this year, the people said, asked not to be identified as the matter is private.

The Shanghai-based firm hired Citic Securities Co. and China International Capital Corp. at the end of last year to prepare for a potential domestic listing on China’s Nasdaq-like STAR board. In April, China’s securities regulator issued tighter rules for STAR board IPOs, in a bid to stem the tide of firms rushing to satisfy investors’ appetite for technology-related listings.

Deliberations are ongoing and details such as fundraising amount and timeline could change, the people said.

A spokesperson for United Imaging said the company has started procedures for a STAR board IPO, and has signed an agreement for IPO guidance. The size of the fundraising and timing of the IPO will be available in its prospectus, they said. The spokesperson did not respond to queries on whether the company is seeking a Hong Kong IPO.

Founded in 2011, United Imaging develops and produces medical imaging products using technologies including computed tomography and X-ray radiography, as well as advanced radiotherapy equipment, according to its website.

United Imaging raised about $500 million in 2017 in an investment round led by China Life Healthcare Fund and SDIC Fund Management Co. The fundraising valued the company at about $5 billion.

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