China-based investment banks are looking to expand their business in Germany amid growing tensions with the United States and boring listings in Hong Kong, Bloomberg reported.

A number of Chinese firms such as Citic Securities and Haitong Securities are evaluating options for applying for German licenses, the publication added citing people familiar with the matter.

The licenses would allow the companies to provide investment banking services in Germany as well as throughout the European Union.

Currently, discussions are ongoing and are subject to change.

Last month, China International Capital revealed that the company had listed on the Frankfurt Stock Exchange in Germany.

Germany’s Federal Financial Supervisory Authority (BaFin), Frankfurt Stock Exchange, Citic, Haitong and others declined to make a statement on the matter.

Europe, which has strengthened its cross-border listing system, is becoming an attractive destination for Chinese companies seeking foreign financing.

Recently, China’s three largest state-owned companies announced their intention to withdraw from stock exchanges in the United States.

Meanwhile, four Chinese companies raised a total of $1.6 billion by issuing international certificates of deposit on Switzerland’s Six Swiss Exchange last month. Gotion High-tech was one of the companies that issued the receipts.

About six other Chinese investment firms also plan to list Six Swiss Exchange in the future.

These Swiss achievements prompted Chinese bankers to expand their business in Germany.

They also expect to benefit from the Stock Connect program, which first allowed companies listed in Shanghai and London to sell their respective shares to each other.

In February this year, the program was extended to cover Germany, Switzerland and Shenzhen.