Indonesian courier firm J&T Express is said to be considering shifting its planned US initial public offering (IPO) to Hong Kong in a debut that could raise about $1 billion, Bloomberg reported.

The Jakarta-based logistics unicorn is working with Bank of America Corp, China International Capital Corp, and Morgan Stanley on the potential first-time share sale as soon as next year, the newswire reported, quoting people familiar with the matter.

The possible change of listing venue comes as Chinese regulators have announced scrutiny on companies listing overseas.

Several of J&T’s investors are based in China. The logistics company also has operations in China. This has raised concern within the company about potential scrutiny from Chinese regulators, one of the people reportedly said.

Preparations for the Hong Kong listing are still at an early stage, according to the report. Details of the IPO plans including size and timeline could change.

Founded in 2015, J&T Express has operations in Indonesia, Cambodia, China, Malaysia, the Philippines, Thailand, Singapore, and Vietnam, information from its website showed.

J&T had previously planned to seek a US IPO as soon as the fourth quarter, Bloomberg News reported in April.

According to a report by The Information in April, J&T has raised over $2 billion in a funding round backed by Hillhouse Capital, Boyu Capital and Sequoia Capital China.