Eastroc Beverage (09980) will be open for subscription from January 26 to January 29. It is expected to be listed on February 3.

Eastroc Beverage (09980) will be listed for public offering from January 26, 2026 to January 29, 2026. The company plans to globally offer 40.8899 million shares, with 10% allocated for sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option. The offering price will not exceed HK$248.00 per share. Each lot consists of 100 shares, and the shares are expected to start trading on the Stock Exchange of Hong Kong on February 3, 2026. The company is the leading functional beverage enterprise in China, with the fastest revenue growth among the top 20 listed soft drink companies globally. According to a report by Frost & Sullivan, based on sales volume, the company has been ranked first in the Chinese functional beverage market for four consecutive years since 2021, with market share increasing from 15.0% in 2021 to 26.3% in 2024. In terms of retail sales, the company was the second largest functional beverage company in 2024, with a market share of 23.0%, consolidating its leading position. With over 30 years of experience, the company continues to provide consumers with high-quality and cost-effective beverage products, successfully establishing the popular and nationally influential "Dongpeng" brand. While solidifying its leading position in the functional beverage industry, the company also continues to innovate its products and expand into diverse product categories, laying a foundation for long-term development. The company has established a nationwide sales network, covering over 4.3 million retail outlets across China as of September 30, 2025, achieving nearly 100% coverage of prefecture-level cities in China. The sales team works closely with distribution partners to increase product placement and optimize product display for greater visibility and penetration. The company continues to expand its omni-channel sales network to meet consumers' daily consumption needs in various settings. By adhering to a fine-tuned channel management strategy, the company provides comprehensive support to channel partners (such as distributors and retail outlets) through a strong sales team of over 7,500 people, fostering deep mutual trust and win-win relationships. Through close collaboration with channel partners, the company enhances market penetration and channel management, achieving more efficient reaching of retail outlets, market responsiveness, and new product promotions, leading to increased single-point sales. The company has pioneered the digitalization of operations in the beverage industry in China. It was the first in the industry to adopt the "one product, one code" system (using unique QR codes inside bottle caps for precise product tracing) and "five-code correlation" technology (using unique QR codes to mark key stages in the production-to-sales process, establishing a proprietary product traceability network). Constructing a full-process, multi-level, integrated digital operation system around the supply chain, production bases, distribution partners, and end consumers, the company empowers key operational links, driving sales growth, enhancing decision accuracy, and significantly reducing costs. As of September 30, 2025, through non-repeated scanned codes, the company has connected with over 280 million consumers, engaged efficiently with over 4.3 million retail outlets, and deeply cooperated with over 3,200 distribution partners, improving overall business competitiveness. The company's digital capabilities constitute a growth engine, driving repeat purchases, providing real-time market insights, and empowering agile decision-making. Additionally, the company's end-to-end digital system helps to efficiently reduce costs, target strategies based on data, and achieve precise cost control. The company has entered into cornerstone investment agreements with Al-Rayyan Holding LLC, Tai Bai Investment Limited (an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited), True Light Investments H Pte. Ltd., BlackRock Fund, UBS Asset Management (Singapore) Ltd., Huang River Investment Limited (wholly owned by TENCENT), HSG Growth VII Holdco, Ltd., JPMorgan Asset Management (Asia Pacific) Limited, Azure Skylines Limited (controlled subsidiary of Boyu Capital Opportunities Master Fund), Taikang Life Insurance Company Limited, Pacific Century Pines Investments 1 Limited (entity indirectly owned by Mr. Victor Li), FMR Participating Fund, Velmar Company Limited, BOCOM Asset Management Ltd., Amazing Mountain Limited, and Great China Motivation Fund Phase II L.P. The cornerstone investors have agreed to subscribe or have their designated entities subscribe for approximately USD 640 million worth of shares based on the offering price per share of HK$248.00 (i.e. the maximum offering price). Based on this offering price, the total number of shares to be subscribed by the cornerstone investors will be 20.12 million shares. Based on the offering price per H share of HK$248.00, after deducting underwriting commissions and other estimated expenses paid and payable for the global offering, assuming the over-allotment option is not exercised, the company estimates that the net proceeds from the global offering will be approximately HK$9.994 billion. According to the company's strategy, the company plans to allocate the net proceeds from the global offering as follows: approximately 36.0% will be used for enhancing capacity layout and advancing supply chain upgrades in the next three to five years, continuously improving production and supply efficiency while consolidating cost advantages. Approximately 15.0% will be allocated for strengthening brand building and consumer interaction in the next three to five years, continuously enhancing brand influence. Approximately 11.0% will be used for advancing the national strategy in the next three to five years, expanding, deepening, and refining operational channel networks. Approximately 12.0% will be allocated for expanding overseas market business in the next three to five years, exploring potential investment and M&A opportunities. Approximately 10.0% will be used for enhancing digital development in various business processes in the next three to five years. Approximately 6.0% will be allocated for enhancing the company's product development capabilities in the next three to five years, continuously expanding product categories. Approximately 10.0% of the net proceeds will be allocated for working capital and general corporate purposes.