E-commerce giant JD.com plans to spin off JD Health, its healthcare arm, and list it in Hong Kong, amid an ongoing migration by U.S.-traded Chinese companies to bourses closer to their home market.

The plan comes three months after Nasdaq-listed JD.com completed its own secondary listing in Hong Kong, raising about $3.87 billion.

JD.com said the timing for its healthcare unit’s spinoff and listing will depend on market conditions, according to a U.S. stock filing on Monday.

The company’s Hong Kong-listed shares were up 0.91% in Tuesday morning trade, while its Nasdaq-listed shares closed up 0.85% on Monday.

JD Health has hired Bank of America, Haitong International Securities Group and UBS Group to work on the planned Hong Kong listing, from which it aims to raise at least $1 billion, Bloomberg reported last week, citing sources familiar with the matter.

JD Health provides a wide range of services from drug delivery to online medical consultation. In August, it raised more than $830 million from Hillhouse Capital in its series B preference share financing.

JD.com’s fintech affiliate Jingdong Digits Technology Holding Co. Ltd. has also filed to list on Shanghai’s Nasdaq-style STAR Market, with a fundraising target of about 20.4 billion yuan ($3 billion), according to a prospectus filed earlier this month.

Contact reporter Ding Yi (yiding@caixin.com)

Related: JD.com Healthcare Arm Raises $830m Series B Funding From Hillhouse