JD.com, listed on NASDAQ as JD, is considering a proposal to acquire the London-based electronics retailer Currys, potentially setting off a heated bidding war after Currys rejected a separate offer from Elliott Investment Management, as reported by Bloomberg News.

The Chinese e-commerce behemoth is still in the initial stages of contemplating a cash offer for Currys, causing a remarkable 33% surge in the British company’s stock on Monday. The Telegraph first reported JD.com’s interest on Sunday.

The reported interest saw JD.com’s stock dip about 4% on the Hong Kong exchange on Monday. Meanwhile, private equity company Elliott’s proposal, valuing Currys at 62 pence a share, equates to around £700M ($884M). Currys rejected the initial offer from Elliott last Friday, citing that it “significantly undervalued the company and its future prospects,” according to the report.

Currys has faced a downturn in its share price over the past year, grappling with challenges in Scandinavia due to competitive discounting. Furthermore, the ongoing cost-of-living crisis in the U.K. has impacted customer spending. However, in January, Currys reported robust Christmas sales despite these challenges.

The electronics retailer has a significant footprint, with around 300 stores in the U.K. and a workforce of over 15,000 employees.