Eastroc Beverage, a Chinese energy drink manufacturer, is reportedly planning a Hong Kong initial public offering (IPO) to raise up to US$1 billion (HK$7.8 billion), following the suspension of an earlier plan for a Swiss listing, according to sources familiar with the matter.
The Shanghai-listed company is in the process of selecting banks to facilitate the potential Hong Kong share sale, which could occur as early as next year, insiders revealed.
Eastroc, headquartered in Shenzhen, has seen its stock surge 57% this year, boosting its market capitalization to approximately US$15.8 billion. The company offers a wide array of beverages, including vitamin energy drinks, electrolyte beverages, sugar-free teas, coffee, and coconut milk. Often seen as an affordable alternative to Red Bull, Eastroc has carved out a significant presence in the competitive energy drink market.
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