Eastroc Beverage (Group) Co., Ltd. (09980.HK) has initiated its Hong Kong IPO. The offer period runs from January 26 to January 29, 2026, with a global offering of 40,889,900 H-shares and an oversubscription option of 15%. The maximum offer price is HKD 248.00 per share, with 100 shares per lot and an entrance fee of approximately HKD 25,050.11. The stock is expected to list on the Hong Kong Stock Exchange’s Main Board on February 3, 2026. The joint sponsors for the IPO are Huatai Financial Holdings (Hong Kong) Limited, Morgan Stanley Asia Limited, and UBS Securities Hong Kong Limited.

Eastroc Beverage: China’s Leading Functional Beverage Brand for Four Consecutive Years

Offer Ratio: 10% of the offering (4,089,000 shares) for Hong Kong public offering, 90% (36,800,900 shares) for international placement.

Offer Price: Maximum of HKD 248.00 per share; 100 shares per lot; entrance fee approximately HKD 25,050.11.

Offer Period: January 26 to January 29, 2026 (pricing expected on January 30, 2026).

Listing Date: February 3, 2026.

IPO Sponsors: Huatai Financial Holdings (Hong Kong) Limited, Morgan Stanley Asia Limited, UBS Securities Hong Kong Limited.

Company Overview

Eastroc Beverage is a leading functional beverage company in China, with its flagship product, "Eastroc Energy Drink," becoming a market leader with annual retail sales exceeding RMB 10 billion. According to a report by Frost & Sullivan, the company has ranked first in China’s functional beverage market for four consecutive years, with a market share of 26.3% in 2024. The company has established a comprehensive sales network covering more than 4.3 million terminal outlets across China and continues to expand its portfolio into energy drinks, sports drinks, tea beverages, and other categories.

Financial Information

According to the IPO prospectus, Eastroc Beverage reported revenue of RMB 8.5 billion, RMB 11.257 billion, and RMB 15.83 billion for the years 2022-2024, with net profits of RMB 1.441 billion, RMB 2.04 billion, and RMB 3.326 billion, respectively. For the first nine months of 2025, revenue reached approximately RMB 16.838 billion, with a net profit of approximately RMB 3.76 billion. Based on the maximum offer price of HKD 248.00 per share, and assuming the oversubscription option is not exercised, the company expects to raise a net amount of approximately HKD 9.994 billion. The funds will be used for capacity expansion and supply chain upgrades (approximately 36%), brand building and consumer engagement (approximately 15%), advancing national expansion and channel penetration (approximately 11%), exploring overseas markets and potential acquisitions (approximately 12%), enhancing digital infrastructure (approximately 10%), product development (approximately 6%), and working capital and general corporate purposes (approximately 10%).

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Margin subscription: 0 % interest, leverage up to 10×

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* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Eastroc Beverage via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Eastroc Beverage, tap "Public Offer," enter your subscription quantity, and submit your order.

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