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Aileen Chuang

Chinese energy-drinks maker Eastroc Beverage has kicked off a Hong Kong initial public offering (IPO) to raise up to HK$10.1 billion (US$1.3 billion), making it the city’s largest listing this year that has already seen a dozen companies raise more than US$4.5 billion.
The Shanghai-listed firm was offering 40.9 million shares at a maximum price of HK$248 each, according to its prospectus filed to the Hong Kong stock exchange on Monday. At this price, the firm would be valued at around US$21 billion. The Hong Kong shares are expected to start trading on February 3.
Eastroc’s shares closed 1 per cent lower at 250.80 yuan on Monday.
Shenzhen-based Eastroc, which makes an alternative to Red Bull, plans to use the proceeds to strengthen its market-leading position.

It was China’s largest drinks company by sales volume from 2021 to 2024, with its market share reaching 26.3 per cent from 15 per cent during the same period, according to market research by Frost & Sullivan.
Eastroc is betting on China’s rapidly expanding energy and sports drinks segments, driven by evolving consumer preferences and health awareness. Sales of energy drinks were expected to reach 180.7 billion yuan (US$26 billion) by 2029 and sales of sports drinks were projected to hit 99.7 billion yuan, according to Frost & Sullivan, reflecting compound annual growth rates of 10.3 per cent and 12.2 per cent, respectively, from 2025 to 2029.
“The investment case [for Eastroc’s listing] rests on a large [addressable market] … rising margins and strong cash conversion,” said analyst Arun George in a note published on the Smartkarma research platform last week.
Eastroc’s profit rose 39 per cent year on year to 3.76 billion yuan in the first nine months of 2025.
The IPO attracted 16 cornerstone investors, who agreed to subscribe to US$640 million worth of shares, or about 49 per cent of the offer, according to the prospectus. They include sovereign wealth funds Qatar Investment Authority and Temasek Holdings, Singapore asset manager True Light Capital, US asset manager BlackRock, Chinese technology giant Tencent Holdings and Hong Kong billionaire Richard Li Tzar-kai’s investment vehicle.
The IPO proceeds would be used to enhance Eastroc’s production capacity, supply chain, brand building and for business expansion domestically and internationally in the next three to five years, according to the prospectus.
Chinese consumer-sector stocks have performed well in Hong Kong amid a mix of policy-driven consumption support from Beijing, companies’ growth expectations and solid investor liquidity.
Shares of Labubu maker Pop Mart rose 23 per cent last week, while jeweller Laopu Gold has added nearly 28 per cent this year.
Separately, snack and drinks retailer Busy Ming’s IPO is a hit with retail investors who have borrowed nearly HK$510 billion in margin loans, 2,599 times the value of shares allocated to them.
The firm is seeking to raise up to HK$3.34 billion after securing cornerstone investors including Tencent, Temasek, BlackRock and Fidelity Investment.


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Shanghai-listed firm is selling 40.9 million shares for HK$248 each, which would give it a market cap of about US$21 billion


Shanghai-listed firm is selling 40.9 million shares for HK$248 each, which would give it a market cap of about US$21 billion.


Chinese drinks maker Eastroc’s US$1.3 billion Hong Kong IPO gives it wings to soar

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Shanghai-listed firm is selling 40.9 million shares for HK$248 each, which would give it a market cap of about US$21 billion

Shanghai-listed firm is selling 40.9 million shares for HK$248 each, which would give it a market cap of about US$21 billion