Eastroc Beverage Files Again for Hong Kong Listing to Fuel Expansion
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Eastroc Beverage is known for its best-selling “Eastroc energy drink”.
Chinese energy drink giant Eastroc Beverage (Group) Co. Ltd. has filed once again for a Hong Kong listing, just days after its previous application expired.
The Shanghai-listed company, known for its flagship “Eastroc Energy Drink,” submitted a new application to the Hong Kong Stock Exchange (HKEX) on Oct. 9, with Huatai International, Morgan Stanley, and UBS serving as joint sponsors. Eastroc aims to become a dual-listed “A+H” company.
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- Eastroc Beverage reapplied for a Hong Kong listing, aiming for dual “A+H” shares, after its earlier application expired; it seeks to use proceeds to expand production and marketing.
- Revenue rose from 8.5 billion yuan in 2022 to 15.83 billion yuan in 2024; net profit more than doubled to 3.33 billion yuan.
- Eastroc leads China's functional drink market with a 26.3% share in 2024 and plans further international expansion, especially in Southeast Asia.
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Who’s Who
- Eastroc Beverage (Group) Co. Ltd.
- Eastroc Beverage (Group) Co. Ltd. is a Chinese energy drink giant, founded in 1994, which recently re-applied for a Hong Kong listing to become a dual-listed "A+H" company. It was the first functional drink brand to go public in Shanghai in 2021. The company's flagship energy drink accounts for 80% of its revenue, holding the top market share in China's functional drink market for four consecutive years. Eastroc plans to expand production and international growth, particularly in Southeast Asia.
- Huatai International
- Huatai International is one of the joint sponsors for Eastroc Beverage's new application to the Hong Kong Stock Exchange for a listing. Eastroc Beverage aims to become a dual-listed "A+H" company, with Huatai International supporting their endeavor alongside Morgan Stanley and UBS.
- Morgan Stanley
- Morgan Stanley is acting as one of the joint sponsors for Eastroc Beverage (Group) Co. Ltd.'s new application for a Hong Kong listing. This indicates their involvement in facilitating Eastroc's efforts to become a dual-listed "A+H" company.
- UBS
- UBS, also known as 瑞银集团, is serving as one of the joint sponsors for Eastroc Beverage's new application to the Hong Kong Stock Exchange. Huatai International and Morgan Stanley are the other joint sponsors. This role indicates their involvement in facilitating Eastroc's potential dual listing as an "A+H" company.
- Pacific Securities
- Pacific Securities is a brokerage firm that produced a report on Eastroc Beverage, estimating that Eastroc's Southeast Asia operations could eventually generate 5 billion yuan in revenue.
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What Happened When
- 1994：
- Eastroc Beverage (Group) Co. Ltd. was founded.
- 2003：
- The company was restructured when Chairman and CEO Lin Muqin and 19 employees bought out its ownership.
- 2021：
- Eastroc went public in Shanghai, becoming China's first listed functional drink brand.
- 2022：
- Eastroc explored a Global Depositary Receipt (GDR) issue.
- 2024：
- Eastroc shelved its GDR issue plan due to market conditions.
- April 2025：
- Eastroc made its first Hong Kong listing attempt.
- As of first half of 2025：
- Distributor sales contributed 87.2% of total revenue.
- Oct. 3, 2025：
- Eastroc's first Hong Kong listing application expired without approval.
- Oct. 9, 2025：
- Eastroc submitted a new application to the Hong Kong Stock Exchange.
- At Thursday’s close, Oct. 9, 2025：
- Eastroc’s Shanghai-listed shares slipped 0.75% to 301.51 yuan.
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