SANHUA shares fell 6% in Hong Kong grey market trading on Friday.

Zhejiang Sanhua Intelligent Controls Co. is seeking to raise as much as HK$8.12 billion ($1 billion) in its Hong Kong listing, the latest billion-dollar deal to drive the city’s recovery in share sales.

The Chinese company on Friday began taking investor orders for 360 million shares, according to listing document. Sanhua is offering the shares at HK$21.21 to HK$22.53 each and has the option to upsize the deal.

Jane Street Group, GIC Pte, Schroders Plc and Mirae Asset Securities Co. were among cornerstone investors that agreed to hold on to the stock for at least six months after the listing.

Sanhua, whose founding can be traced to 1984, supplies refrigeration and air-conditioning components for use in households and industrial settings, such as for data-center cooling. It also sells parts for thermal-management systems inside vehicles.

The company said it was now seeking cash partly for research and development in bionic robotics, a field it recently entered and is seeking to build on. It expects to list its shares on June 23.

Sanhua has four dozen factories worldwide, including China, India, Turkey and the US, according to its prospectus. It made 3.1 billion yuan ($433 million) in profit on revenue of 27.9 billion yuan ($3.9 billion) in 2024, with both metrics increasing from the previous year.

Sanhua has also been listed in Shenzhen since 2005, and the company joins a growing chorus of China-listed firms that are seeking second floats in Hong Kong. These types of deals have brought the most action in the financial hub’s equity-deal scene in four years.