Chinese billionaire Jack Ma’s Yunfeng Capital Co. and alternative-asset manager Hillhouse Investment are among key investors planning to buy shares in the Hong Kong listing of Victory Giant Technology Huizhou Co., according to people familiar with the matter, in what could be among the city’s largest maiden share sales this year.

The firms are planning to participate as cornerstone investors, which get guaranteed allocation in a deal in exchange for holding the shares for a period of time, the people said, asking not to be identified to discuss a private matter. Deliberations are ongoing, and details of the deal including the cornerstone investments may change, the people added.