On June 7th, the media quoted people familiar with the matter as saying that the joint stock company of Xinwangda Power Technology is considering an initial public offering (IPO) in Hong Kong rather than Shenzhen. Xinwangda Power is a subsidiary of Shenzhen-based Xinwangda Electronics. Xinwangda Power submitted a listing application for growth enterprises market last year, and CITIC Securities is the sponsor. Xinwangda Power also raised 1.65 billion yuan in a round of financing, valuing it at about 36 billion yuan. The people familiar with the matter said that the relevant discussions are still ongoing.