O’Melveny Advises on US$1.3 Billion Hong Kong Listing of Eastroc Beverage
February 3, 2026
Transaction marks the largest listing of a consumer beverage brand in Asia since 2020
FOR IMMEDIATE RELEASE
HONG KONG—February 3, 2026—O’Melveny represented joint sponsors and other underwriters in the listing of Eastroc Beverage (Group) Co., Ltd. (Eastroc, 9980.HK) on the Main Board of the Hong Kong Stock Exchange. The offering size was approximately HK$10.1 billion (approximately US$1.3 billion) before exercise of the over-allotment option. The firm represented joint sponsors Huatai Financial Holdings (Hong Kong) Limited, Morgan Stanley Asia Limited, and UBS Securities Hong Kong Limited, and other underwriters.
Established in 1994 and listed on the Shanghai Stock Exchange (stock code: 605499) in May 2021, 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 known for its range of functional beverages, particularly Eastroc Super Drink. According to Frost & Sullivan, Eastroc ranked as the largest functional beverage company in China by sales volume from 2021 to 2024.
The company has entered into cornerstone investment agreements with 16 institutional investors, who collectively subscribed for shares totaling approximately US$640 million.
This is a landmark transaction in the consumer sector—one of the few listings in Hong Kong over the past 12 months to raise more than HK$10 billion, and the largest listing of a consumer beverage brand in Asia since 2020.
O’Melveny has advised on the overseas listing of numerous leading Chinese consumer brands, several being recognized as “industry-first”—most recently the firm completed the IPO of Forest Cabin in 2025 and Lao Pu Gold in 2024. Moreover, this project featured a complex transaction structure and US legal considerations, further underscoring the firm’s strength in offshore listings, multi-jurisdictional compliance, and execution of complex transactions.
The O’Melveny team for the listing of Eastroc was led by partners Ke Geng, Ke Zhu, and Vincent Wang. The core team members included associate Berton Wang and China associate Silvia Huang, and legal consultant Simon Xu. Partner Rob Plesnarski advised on matters related to SEC regulations. Partners Luc Moritz and Billy Abbott and associate Arsalan A. Memon provided tax advice. Partner David J. Ribner provided sanctions-related compliance advice. Associate Estella Zhang also made valuable contributions.
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000
cschob@omm.com
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