China Resources Beverage Shares Jump 14% in Hong Kong Debut

Dow Jones10-23

By Kimberley Kao

China Resources Beverage shares surged at their Hong Kong debut, buoyed by positive market sentiment as the Hong Kong stock exchange looks set to raise up to US$1.3 billion from listings this week.

Shares of the Shenzhen-based company rose over 14% in early trade to 16.60 Hong Kong dollars, from their offering price of HK$14.50.

Shares gained with a brightened mood in the Hong Kong market. The benchmark Hang Seng Index was last up 1.6% on Wednesday, taking this year's gain to 22%.

China Resources Beverage, which owns the C'estbon bottled-water brand, raised 5.04 billion Hong Kong dollars, the equivalent of US$648.5 million, in gross proceeds from its initial public offering. It sold 347.83 million shares with the offer price set at the upper end of its guided range.

The company reported net profit of 1.33 billion yuan in 2023, equivalent to US$186.7 million, 34% higher from the year before, mainly on business growth and increased profits from packaged drinking water and other beverages. State-owned Chinese conglomerate China Resources Group is one of its controlling shareholders.

Trading activity in the city has picked up with sentiment improving after Midea Group's US$4 billion IPO in September, as well as this month's rally in Chinese equities after China's announced stimulus measures aimed at supporting the economy.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

October 23, 2024 00:15 ET (04:15 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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