Asia's Largest Beverage IPO Marks the Dawn of a New A+H Global Era

HONG KONG, Feb. 4, 2026 -- Eastroc Beverage (09980.HK / 605499.SH), a portfolio company of Harvest Capital, today made its official debut on the Hong Kong Stock Exchange, becoming the first functional beverage company in China to be listed on both the A-share and H-share markets.Market capitalization exceeding HKD 140 billion.

The offering raised approximately HKD 10.14 billion, with the Hong Kong public offering 57.46 times oversubscribed and the international tranche 15.60 times oversubscribed, setting a new fundraising record for the Asian beverage sector and marking the largest beverage IPO in Asia to date.

As Eastroc Beverage's earliest — and at the time, sole — external institutional investor, Harvest Capital is proud to have accompanied the company throughout its journey. This milestone represents not only the success of a portfolio company, but also a validation of long-term conviction investing in consumer brands.

From 1994 to No. 1: Building China's Leading Functional Beverage Brand

Founded in 1994, Eastroc Beverage's trajectory mirrors the rise of China's homegrown consumer champions. Under the leadership of founder and Chairman Mr. Lin Muqin, the company transformed Eastroc Energy Drink into a household name through sharp market insight and relentless execution.

Today, Eastroc Beverage is China's leading functional beverage company. In recent years, its revenue growth rate has ranked first among the world's top 20 listed soft drink companies, underscoring its exceptional momentum.

With its iconic slogan — "When you're tired or sleepy, reach for Eastroc" — the brand has become a daily energy companion for long-haul drivers, delivery workers, and late-night office professionals across China, fueling the country's vast community of strivers.

A Decade-Long Partnership: Harvest Capital and Eastroc Beverage

Harvest Capital's partnership with Eastroc Beverage is rooted in its long-held belief in the consumer logic of high frequency, strong brand loyalty, and scalable flagship products.

Drawing on deep experience from earlier investments in the functional beverage category, Harvest Capital recognized early on that functional drinks represented one of the fastest-growing segments within non-alcoholic beverages. The firm first engaged with Eastroc in 2015, and in 2017 invested RMB 350 million, becoming the company's only external shareholder at the time.

After nearly a decade of partnership in the A-share market, Harvest Capital once again participated as a cornerstone and anchor investor in Eastroc Beverage's Hong Kong listing, reaffirming its long-term support for the company's global expansion.

Industry-Leading Performance: The Fundamentals Behind RMB 20 Billion in Revenue

According to the company's latest earnings guidance, Eastroc Beverage continues to deliver standout growth:

Revenue scale: Full-year 2025 revenue is expected to exceed RMB 20.76 billion, representing year-on-year growth of over 31%;

Profitability: Net profit is projected to reach RMB 4.34–4.59 billion, with growth of up to 37.97%;

Distribution strength: The company has built a nationwide network covering nearly 100% of China's prefecture-level cities, supported by more than 3,200 distributors and 4.3 million active retail outlets, reaching over 250 million consumers.

This powerful, internally driven growth engine underpins Eastroc Beverage's record-breaking IPO and its emergence as Asia's largest beverage listing in recent years.

Going Global: From China's Eastroc to Eastroc of the World

The H-share listing represents a strategic inflection point in Eastroc Beverage's globalization journey.

The company's ambition extends beyond domestic leadership — it aims to evolve into a global, diversified beverage group, comparable to international icons such as Coca-Cola and Suntory.

Eastroc products are now sold in more than 30 countries and regions, with overseas subsidiaries established in markets including the United States, Indonesia, and Vietnam. Proceeds from the Hong Kong offering will be primarily allocated toward global production capacity expansion and supply-chain upgrades, advancing a dual-engine model of overseas manufacturing plus overseas distribution.

Mr. Alan Song Xiangqian, Chairman of Harvest Capital, commented:

"Eastroc Beverage's A+H dual listing is a declaration of China's functional beverage industry stepping onto the global stage. As a cornerstone investor, Harvest Capital will continue to stand behind champions — supporting Eastroc as it spreads its wings across global markets. We firmly believe that the globalization of Chinese brands is not merely about exporting products, but about exporting value chains and management excellence. Today, we witness history; tomorrow, we will continue to build greatness together."

Congratulations once again to Eastroc Beverage on this landmark achievement.