Chinese state-backed investors are weighing options, which includes taking BMW’s main Chinese joint-venture partner Brilliance private, said five sources with knowledge of the matter at hand.

The development is the latest in such deals aimed at uplifting down-beaten Hong Kong-listed stocks.

The move to take Brilliance China Automotive Holdings Ltd private, which has a current market value of $4.6 billion, is led by state-controlled Liaoning Provincial Transportation Investment Group, which has a 12% stake in Brilliance, said sources.

The move is likely to attract other state-backed investors as well and could take place during the fourth quarter, said two sources.

In a statement, Brilliance’s parent Huachen Automotive Group said, it has no information on Transportation Investment Group taking a lead in privatizing Brilliance.

Neither Brilliance, BMW, Liaoning Transportation Investment Group, or the provincial state asset regulator immediately responded to requests for comments.

Based out of China’s Shenyang city, Huachen Group, its parent, has a 30% stake in it, with the provincial state asset regulator, having a majority stake in Huachen.

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