HONG KONG/NEW YORK (April 29): JD.com Inc, the Chinese e-commerce site, has filed confidentially for a second listing in Hong Kong, according to people with knowledge of the matter.

The offering could raise at least US$2 billion, the people said, asking not to be identified because the information is private. The Beijing-based company, which currently trades on Nasdaq, has a market value of US$64 billion.

The deal comes after JD rival Alibaba Group Holding Ltd raised US$13 billion in a Hong Kong share sale last year. The Alibaba deal was seen as a homecoming for China-based companies and a win for the Hong Kong Exchanges & Clearing Ltd, which lost these deals to its US counterparts a decade ago as it did not allow dual-class share voting at the time. The Hong Kong stock exchanged relaxed the rule in 2018.

The deal could come soon as early as the second half of the year, according to one of the people. Deliberations are ongoing and the size of the offering could still change, the people said. A representative for JD.com didn’t immediately respond to requests for comment.

Shares of JD.com have risen 23% this year while the S&P/BNY Mellon China ADR Index, which tracks US-listed Chinese companies, is down 5.2% during the same period.

IFR Asia reported earlier Tuesday that the company had filed for a Hong Kong listing confidentially.