(Bloomberg) — PDD Holdings Inc.’s move to switch to a Hong Kong-based auditor may indicate the Chinese e-commerce firm is preparing to apply for a second listing there, according to two analysts.

The parent company of budget shopping app Temu said in a filing on Wednesday that it has tapped Hong Kong-based auditors of Ernst & Young for a review of its financial statements this year. The firm previously worked with Beijing-based Ernst & Young Hua Ming LLP.

Such a shift likely suggests that PDD is pursuing a listing in Hong Kong over coming months, according to Citigroup analyst Alicia Yap. “If this proves to be true, we believe this could be viewed as a positive catalyst for the share price,” she said.

PDD did not immediately reply to an emailed request for comment outside of office hours.

PDD’s American depositary receipts rose as much as 5.6% to the highest in two months. The firm is among the relatively few US-listed Chinese names that have yet to list in Hong Kong, a group that also includes retailer Vipshop Holdings Ltd. and tutoring firm TAL Education Group.

Companies like Alibaba Group Holding Ltd., JD.com Inc. and Baidu Inc. have already secured a second listing in Hong Kong amid persistent concerns that they could get booted off American exchanges. In April, US Treasury Secretary Scott Bessent said all options are “on the table” when asked about potential delistings of Chinese companies.

A second listing would potentially enable investors of Chinese firms to convert ADRs to Hong Kong shares in the event of a US delisting. Upgrading the Hong Kong listing to a primary status — like what Alibaba did last year — will also allow mainland buyers to tap into the stock.

Felix Wang, an analyst at Hedgeye Risk Management, noted that companies preparing to list in Hong Kong often engage with local auditors to comply with regulatory requirements. That was the case for both Alibaba and JD.com when they sought Hong Kong listings, he said.

“One of the frustrations on PDD in the past is the company not interested in issuing a secondary IPO” to expand its investor base, Wang said in a note. “Is PDD changing its mind on listing in HK? It can only help with investor sentiment.”

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