EASTROC Beverage (Group) Co., Ltd. (referred to as "EASTROC Beverage," stock code: "09980") was listed on the Hong Kong Stock Exchange today.
EASTROC Beverage set its issue price at HK$248 per share, issuing 40.89 million shares to raise a total of HK$10.1 billion. After deducting listing expenses of HK$146 million, the net proceeds amounted to HK$9.994 billion.
The cornerstone investors for EASTROC Beverage subscribed to a total of $640 million (approximately HK$4.99 billion). They include Al-Rayyan, Taibai Investment Limited, True Light Investments, BlackRock Funds, UBS Asset Management, Huang River Investment, HSG Growth VII Holdco under Sequoia Capital, JPMorgan Asset Management, Azure Skylines under Boyu Capital, Taikang Life Insurance Co., Ltd., Pacific Century Pines Investments 1, FMR Participating Funds, Velmar Company, Pinpoint Asset Management Limited, Amazing Mountain, and Great China Motivation Fund Phase II.
Specifically, Al-Rayyan subscribed to $150 million (approximately HK$1.17 billion), Taibai Investment Limited subscribed to $56 million, True Light Investments subscribed to $14 million, BlackRock Funds subscribed to $60 million, while UBS Asset Management and Tencent's Huang River Investment each subscribed to $50 million. HSG Growth VII Holdco subscribed to $40 million.
JPMorgan Asset Management, Azure Skylines, Taikang Life Insurance Co., Ltd., and Pacific Century Pines Investments 1 each subscribed to $30 million. FMR Participating Funds, Velmar Company, Pinpoint Asset Management Limited, Amazing Mountain, and Great China Motivation Fund Phase II each subscribed to $20 million.
Al-Rayyan represents Middle Eastern capital and is an indirect wholly-owned subsidiary of the Qatar Investment Authority ('QIA'). Taibai Investment Limited is an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited ('Temasek'). True Light GP and Danming Capital are both independent, indirectly wholly-owned subsidiaries of Temasek.
Amazing Mountain is a fund under Ms. Lin Liming, while Li Jipei is a managing partner and investment committee member of Orchid Asia Group Management, Limited. He also currently serves as a director of Trip.com Group Limited (stock code: TCOM.NQ). Ms. Lin Liming is Li Jipei's spouse. Great China Motivation Fund Phase II is a fund under Song Xiangqian, founder of Cathay Capital.
Based on the issue price, EASTROC Beverage's Hong Kong market capitalization reached HK$139.1 billion. The company is already listed on the A-share market; as of yesterday's close, its share price was 257 yuan, with a market capitalization of 133.6 billion yuan.
With its Hong Kong listing, EASTROC Beverage has established a dual-primary listing structure with "A+H" shares.
EASTROC Beverage focuses on the functional beverage industry, and its flagship product "EASTROC Super Drink" has become a single product line in China with retail sales exceeding ten billion yuan. The company's marketing slogan mimics Red Bull, stating "Tired, sleepy? Drink EASTROC Super Drink."
To date, EASTROC Beverage's product portfolio has expanded to include energy drinks, sports drinks, tea beverages, coffee drinks, plant-based protein drinks, and fruit and vegetable juices.
Recently, EASTROC Beverage announced the resignation of Mr. Zhang Lei from his position as Secretary to the Board of Directors. Mr. Zhang submitted his written resignation due to an adjustment in role responsibilities. Following his resignation from this position, he will continue to serve as a Director and Vice President of the company.
Financial reports show that EASTROC Beverage achieved revenue of 15.83 billion yuan in 2024, an increase of 40.62% compared to 11.257 billion yuan in the same period last year.
The company's net profit for 2024 was 3.364 billion yuan, surging 63% from 2.04 billion yuan a year earlier. After adjusting for non-recurring items, the net profit was 3.262 billion yuan, a significant increase of 74.48% compared to 1.87 billion yuan.
For the first nine months of 2025, EASTROC Beverage reported revenue of 16.84 billion yuan, a year-on-year increase of 34.13%. Net profit reached 3.761 billion yuan, up 38.91%, while non-GAAP net profit was 3.54 billion yuan, growing 32.92%.
In the third quarter of 2025 alone, revenue was 6.1 billion yuan, increasing 30.36% year-on-year. Net profit for the quarter was 1.386 billion yuan, up 41.91%, and non-GAAP net profit was 1.269 billion yuan, rising 32.74%.
Government subsidies recognized in the first nine months of 2025 totaled 52.31 million yuan, with 16.06 million yuan recognized specifically in the third quarter.
EASTROC Beverage forecasts its full-year 2025 revenue to be between 20.76 billion and 21.12 billion yuan. This represents an increase of 4.921 billion to 5.281 billion yuan from the 15.839 billion yuan recorded in the previous year, indicating growth of 31.07% to 33.34%.
The company anticipates its 2025 net profit attributable to shareholders to be in the range of 4.34 billion to 4.59 billion yuan, reflecting growth of 30.46% to 37.97%. It expects non-GAAP net profit to be between 4.12 billion and 4.35 billion yuan, an increase of 858 million to 1.088 billion yuan from the previous year, representing growth of 26.29% to 33.34%.
The executive directors of EASTROC Beverage are Lin Muqin, Lin Mugang, Lu Yifu, Ms. Jiang Weiwei, Zhang Lei, and Lin Daiji. The independent non-executive directors are Ms. Zhao Yali, Ms. You Xiao, Li Hongbin, and Dai Guoliang.
As of September 30, 2025, Lin Muqin held 49.74% of shares, Hong Kong Securities Clearing Company Limited held 10%, while Lin Mugang and Lin Daiqin each held 5.22%. Ruichang City Kunpeng Venture Capital Partnership held 5.06%.
Cai Yunsheng held 1.91%, Chen Haiming held 1.07%, and Jiahua Yufeng (Tianjin) Equity Investment Management Partnership held 0.87%.
Chen Yimin held 0.79%, and China Industrial and Commercial Bank Limited - Huatai-Pinebridge CSI 300 Exchange Traded Fund held 0.73%.
Among the top ten shareholders, Lin Muqin and Lin Mugang are directors of EASTROC Beverage. Shareholder Lin Muqin and Lin Mugang are brothers, and Lin Muqin is the uncle of shareholder Lin Daiqin.
Limited partner Lin Yupeng of shareholder Kunpeng Investment is the son of controlling shareholder Lin Muqin. Shareholders Chen Haiming and Chen Huanming (a limited partner of Kunpeng Investment) are the brothers of Lin Muqin's spouse, Chen Huiling.
Kunpeng Venture reduced its stake by 1.38 percentage points in the second quarter of 2025. Based on the share price at that time, Lin Yupeng, son of Lin Muqin, cashed out over 2 billion yuan through Kunpeng Investment.
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