(Bloomberg) -- CGN New Energy Holdings Co.’s parent is considering taking the Hong Kong-listed power producer private after abandoning a previous plan more than three years ago, according to people familiar with the matter.

China General Nuclear Power Corp. recently started initial discussions about potentially delisting the unit, the people said, asking not to be identified as the information is private. Deliberations are at an early stage and may not result in a deal, the people said.

Officials at CGN didn’t respond to requests for comment, while a representative for CGN New Energy said the company is unaware of a take-private move and isn’t in a position to speak for its parent.

CGN New Energy’s shares rose as much as 4.8% Friday morning after Bloomberg News reported on the talks. They’ve rallied almost 40% from a Jan. 22 low, but are still down about 75% from a 2021 peak, leaving the company with a market value of $1.3 billion. 

CGN, one of China’s biggest nuclear power developers, proposed taking the unit private in March 2020 before dropping the plan six months later, without specifying a reason.

Listed in Hong Kong in October 2014, CGN New Energy describes itself as a diversified independent power producer with a portfolio that includes wind, solar, gas-, coal- and oil-fired projects in China and Korea, its website shows. CGN controls about 72% of the company through CGN Energy International Holdings Co., according to data compiled by Bloomberg.

Read More: Bankers Find One Bright Spot in Hong Kong as Buyouts Multiply

Buyouts are becoming a hot topic in Hong Kong, where companies are trading at low valuations as concerns over China’s economy weigh. Skincare company L’Occitane International SA and luggage-maker Samsonite International SA are among the latest to consider take-private deals, Bloomberg News has reported. 

--With assistance from Kathy Chen and Dan Murtaugh.

(Updates share price in fourth paragraph.)

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