Herbert Smith Freehills Kramer advises Eastroc Beverage on its over HK$10 billion Hong Kong IPO

Leading global law firm Herbert Smith Freehills Kramer has advised Eastroc Beverage (Group) Co. Ltd. (09980.HK, 605499.SS) on its listing on the Main Board of the Hong Kong Stock Exchange. Huatai Financial Holdings (Hong Kong) Limited, Morgan Stanley Asia Limited and UBS Securities Hong Kong Limited acted as joint sponsors.

Eastroc Beverage’s Hong Kong listing is the first A+H dual listing by a functional beverage company in China. The company listed on the Shanghai Stock Exchange in May 2021 (605499.SS).

“Hong Kong remains an important market for investors amid evolving global conditions,” said Hong Kong partner Matt Emsley. “That continued interest is maintaining the IPO and filing activity as 2026 gets underway.”

Eastroc is the largest functional beverage company in China, with the fastest revenue growth among the world’s top 20 listed soft beverage companies. It is the largest functional beverage company in China in sales volume for four consecutive years since 2021, and the second largest functional beverage company in retail sales in 2024. Eastroc has established a beloved brand with nationwide consumer recognition and has built a nationwide, omni‑channel sales network, covering over 4.3 million points of sale nationwide and reaching nearly 100% of prefecture‑level cities.

“We congratulate Eastroc on its successful Hong Kong listing,” said Beijing partner Stanley Xie. “The transaction reflects the growth of China’s domestic consumer sector, with its brands now looking to international capital markets to support their next chapter of growth and overseas expansion.”

Herbert Smith Freehills Kramer has advised on the IPOs of many China consumer brands in recent years, including listings for Softcare Limited (02698.HK), Bama Tea Co., Ltd. (06980.HK) and Xiamen Yan Palace Bird’s Nest Industry Co., Ltd. (01497.HK).

“Our cross‑border capital markets experience allows us to support companies throughout the listing process,” said Hong Kong partner Jeremy Shen. “We are pleased to be advising so many of China’s companies on listings across multiple capital markets.”

Herbert Smith Freehills Kramer is a leading adviser on A+H listings and cross‑border China capital markets transactions. The firm has advised on large-scale H‑share listings of A‑share listed companies including S.F. Holding Co., Ltd. (06936.HK, 002352.SZ), Jiangsu Hengrui Pharmaceuticals Co., Ltd. (01276.HK, 600276.SS) and Shanghai Longcheer Technology Co., Ltd. (09611.HK, 603341.SS).

Partners Matt Emsley, Stanley Xie, Jeremy Shen and Jin Kong* led a cross-office team advising Eastroc, supported by Jaime Fong, Brian Ge, Cathy Zhang, Reagan Li, Bo Tong, Leah Zhi, Francis Wang, Grace Bian and Hugo Leung. Gigi Lo and Emily Wan also provided assistance.