China’s Eastroc beverage seeks up to HK$10 billion from Hong Kong listing

By Kim BrowneJanuary 26, 2026

Published Mon, Jan 26, 2026 · 09:27 AM

Chinese energy-drink maker Eastroc Beverage Group has started taking investor orders for its second listing in Hong Kong that may fetch as much as HK$10.1 billion (S$1.6 billion), fuelling what has been among the busiest starts to the year for the city’s share sales.

The company, whose shares are already traded in Shanghai, is offering 40.9 million shares at as much as HK$248 apiece in its Hong Kong listing, according to a listing document on Monday (Jan 26). The price range represents a discount of as much as 12.6 per cent to the company’s closing share price of 253.36 yuan on Friday.

At the highest offering price possible, Eastroc would be valued at the equivalent of about US$21 billion. The company’s shares have risen about 4 per cent over the past year in Shanghai, giving Eastroc a market capitalisation of close to US$19 billion.

Eastroc is set to list its shares on Feb 3.

The company said that it plans to use proceeds from the offering for purposes including boosting production and upgrading its supply chain, expanding domestically and overseas, pursuing potential investments and acquisitions, and building its brand.

Cornerstone investors, which commit to hold shares for at least six months, are buying up about US$640 million worth of Eastroc stock in the listing. They include a unit of Qatar Investment Authority, BlackRock, and JPMorgan Asset Management.

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Hong Kong’s market is off to a blockbuster start in 2026, with proceeds from new listings in January on course to be the highest ever for the first month of the calendar year, with deals by firms tied to artificial intelligence fuelling activity earlier this month. In the consumer sector, snack retailer Busy Ming Group and pig breeder Muyuan Foods are also set to list.

Eastroc makes energy and sports beverages, as well as other soft drinks such as teas and juices. The Shenzhen-based company traces its roots to a firm that was established in 1994 and listed its shares on the Shanghai Stock Exchange in 2021.

The company made a net profit of 3.3 billion yuan in 2024, which is expected to rise to about 4.5 billion yuan in 2025 and 5.7 billion yuan in 2026, according to analyst estimates compiled by Bloomberg.