Envision AESC, a Japan-based electric vehicle battery manufacturer, is considering a Hong Kong IPO that could raise up to $2 billion. This move represents a significant departure from earlier plans to list in the US. The company was originally formed in 2007 as a joint venture between Nissan Motor and NEC to supply batteries for Nissan's Leaf electric vehicle. In 2018, Shanghai-based Envision Group acquired a controlling stake. The potential listing in Hong Kong would rank among the larger listings in the current Hong Kong cycle. However, concerns over AESC's Chinese ownership could complicate the company's listing due to US Inflation Reduction Act rules on Foreign Entities of Concern, which disqualify companies with Chinese government ties from tax credits.