China drinks maker Eastroc Beverage said to gauge interest for billion-dollar plus Hong Kong listing

[HONG KONG] Chinese energy-drink maker Eastroc Beverage Group has started gauging investor interest for a second listing in Hong Kong that may raise more than US$1 billion, according to sources familiar with the matter.

The company, whose shares are already traded in Shanghai, is conducting so-called investor-education meetings and will take orders for the deal as early as this month, the sources said, asking not to be identified because they were not authorised to speak publicly.

Deliberations are ongoing, and the timing and size of the deal may evolve. A representative for Eastroc declined to comment.

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. Eastroc will help bring some diversification for investors, given that a chunk of the pipeline is otherwise coming from Chinese firms tied to artificial intelligence, one of the hottest themes in global equity markets.

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 predecessor firm that was established in 1994 and listed its shares on the Shanghai Stock Exchange in 2021 to become the first energy-beverage maker to go public in China, according to an exchange filing.

The company made a net profit of 3.3 billion yuan (S$610 million) in 2024, which is expected to rise to about 4.4 billion yuan in 2025 and 5.7 billion yuan in 2026, according to analyst estimates compiled by Bloomberg.

Eastroc’s Shanghai-traded shares climbed 7.6 per cent in 2025, capping a third straight year of gains. The company has a valuation of about US$19.7 billion.

Huatai Securities, Morgan Stanley and UBS Group are joint sponsors of Eastroc’s offering, according to the filing. BLOOMBERG