Shenzhen Adtek Technology Co. is nearing the close of a private fundraising round, aiming to secure up to 2 billion yuan (approximately $296 million) ahead of its planned initial public offering (IPO) in Hong Kong, according to sources familiar with the matter.

People with knowledge of the situation report that Singapore state investment firm Temasek Holdings, the private equity arm of Morgan Stanley, and Asian investment firm CPE are expected to participate in this financing round.