Chinese fintech company Linklogis Inc., backed by Tencent Holdings Ltd., is seeking to raise HK$8.3 billion ($1.07 billion) from an initial public offering in Hong Kong.

The Shenzhen-based company is selling 452.9 million shares at HK$16.28 to HK$18.28 apiece, according to a filing to the Hong Kong stock exchange on Friday. The company plans to price the offering on March 31 and list on the exchange April 9.

Linklogis’s offering will test the appetite for first-time share sales after Hong Kong’s benchmark stock gauge slumped into a technical correction on Wednesday. Shares of internet giant Baidu Inc. ended flat in their debut in the city Tuesday and have fallen every day since.

Linklogis provides technology solutions for supply chain finance in China. While Linklogis’s prospectus shows the firm hasn’t made a profit in three years, it said sales from its supply chain finance solutions expanded 47% last year following an 83% surge in 2019.

The share sale attracts six cornerstone investors who have agreed to subscribe a total of $365 million of stock, according to the filing. BlackRock Inc. and Fidelity will each buy $100 million of shares, while Janus Henderson Funds, The Ontario Teachers’ Pension Plan Board and Sequoia China will each purchase $50 million. Singapore’s EDB Investments will snap up $15 million.

Goldman Sachs Group Inc. and China International Capital Corp. are joint sponsor of the deal.