Eastroc Beverage Group Co Ltd launches Hong Kong IPO, raises HK$10.1 billion
Eastroc Beverage Group Co Ltd (ticker 09980), a Chinese producer of functional drinks, citrus‑based beverages, packaged water and other consumables, completed pricing of its Hong Kong share sale on 30 January 2026. The company priced its H‑shares at the maximum of HK$248 per share, the upper end of the pre‑set range, and raised a total of HK$10.1 billion (US$1.3 billion). This represents the largest capital raise by a beverage maker in Hong Kong since the IPO of its peer, Muyuan Foods, earlier this month.
Key facts about the offering
| Item | Detail |
|---|---|
| Number of shares sold | 4.09 million H‑shares |
| Issue price | HK$248 per share |
| Total proceeds | HK$10.1 billion (US$1.3 billion) |
| Valuation | HK$166.4 billion (US$21.4 billion) |
| Listing date | 3 February 2026 |
| Use of proceeds | Expand production capacity, upgrade the supply chain, strengthen brand positioning, expand overseas markets and pursue potential acquisitions |
| Anchor investors | Qatar Investment Authority, Temasek Holdings, BlackRock, Tencent, and other global institutional investors |
| Capital structure | Dual‑listing as A‑share on the Shanghai Stock Exchange and H‑share on the Hong Kong Stock Exchange (A+H structure) |
Context and market reaction
- The offering comes at a time when Hong Kong’s IPO market is experiencing strong demand. The city’s largest recent flotation was that of Muyuan Foods, which raised HK$10.7 billion.
- The pricing at the top of the range reflects robust investor appetite and signals confidence in Eastroc’s growth prospects.
- Analysts note that Eastroc’s 2025 financial outlook—projected revenue of CNY 20.8 billion to CNY 21.1 billion and net profit of CNY 4.34 billion to CNY 4.59 billion—provides a solid foundation for the capital raise.
Company profile
Eastroc Beverage Group Co Ltd is headquartered in Shenzhen and was founded in 1994. The company specializes in the production and distribution of functional drinks, citrus lemon tea, citrus drinks, and packaged drinking water. Its products are sold throughout China, and the company has positioned itself as a leading player in the Chinese beverage market. As of 28 January 2026, the Shanghai Stock Exchange close price was CNY 262.5, with a 52‑week high of CNY 338.92 and a low of CNY 208.8. The firm’s market capitalization stands at CNY 131.75 billion and its price‑earnings ratio is 35.7.
Outlook
The successful Hong Kong IPO enhances Eastroc’s international presence and provides a strong capital base for further expansion. The company’s dual‑listing strategy and backing by prominent global investors are expected to support sustained growth and long‑term value creation for shareholders.
