China’s Eastroc Beverage launches Hong Kong listing, seeking to raise HK$10.14 billion

[HONG KONG] Chinese energy drink producer Eastroc Beverage is seeking to raise HK$10.14 billion (S$1.65 billion) in a Hong Kong listing, with proceeds to be used to expand production capacity and upgrade supply chain, a regulatory filing showed on Monday (Jan 26).

The proceeds will also be allocated for brand building, overseas expansion and potential investments and acquisitions, among others.

Shanghai-listed Eastroc is offering 40.9 million H shares at a maximum offer price of HK$248 apiece, according to the filing. At that price, Eastroc would be valued at about HK$166.39 billion.

Cornerstone investors include Qatar Investment Authority, Temasek Holdings, True Light Capital, BlackRock, Tencent, HongShan Capital, according to the filing.

The company’s shares are slated for debut on the Hong Kong exchange on Feb 3, the filing showed.

Eastroc’s offering would extend Hong Kong’s listing activity, alongside companies such as Busy Ming, which is due to begin trading on Jan 28. Hong Kong led global IPO fundraising last year, with US$37.2 billion raised from 115 new listings, according to LSEG data.

Eastroc’s move also comes about two years after the company dropped plans to sell global depositary receipts in Switzerland, citing unfavourable market conditions at the time.

Founded in Shenzhen in 1994, Eastroc manufactures and distributes beverage in China and has since 2023 exported its products to overseas markets including some countries in South-east Asia, such as Vietnam and Malaysia.

It has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021, with market share increasing from 15 per cent in 2021 to 26.3 per cent in 2024, according to the filing, citing consultancy firm Frost & Sullivan.

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Functional beverages are drinks formulated with added ingredients such as electrolytes or vitamins, and are usually marketed for benefits such as energy replenishment or hydration.

Revenue in the nine months ended September 30 in 2025 rose 34 per cent to 16.84 billion yuan (S$3.07 billion) from 12.55 billion yuan the same period a year ago, while net profit jumped 38.7 per cent to 3.76 billion yuan from 2.71 billion yuan.

Huatai International, Morgan Stanley and UBS are the sponsors. REUTERS