Global beer and alcohol giant Anheuser-Busch InBev (BUD) - Get Report has revived its application to list its Asia business in Hong Kong, two months after shelving what would have been one of the biggest initial public offerings of the year.

AB InBev in July iced a nearly $10 billion Hong Kong IPO of its Asia Pacific unit, Budweiser Brewing Company APAC, amid turbulent Asian markets responding to both the China-U.S. trade spat as well as political unrest in Hong Kong.

The world's biggest brewer on Thursday confirmed to Reuters that it was re-visiting its IPO plans at a lower, $5-billion level, though the company said in a statement that "the decision to proceed will depend on a number of factors and prevailing market conditions."

AB InBev was hoping to raise as much as $9.8 billion by listing Budweiser Brewing Company APAC, the largest brewer in Asia by retail sales, before pulling the planned July offering. The IPO would have topped Uber (UBER) - Get Report , which raised $8.1 billion in New York in May.

It ended up selling its Australian division for around $11.3 billion less than a week after cancelling the Hong Kong listing.

The company is tentatively looking to price the deal on Sept. 23 and list the unit on Sept. 30, two sources who declined to be identified told Reuters.

American depositary receipts of AB InBev were up 2.15%, or $2.03, at $96.26 in early trading on Thursday.