(Bloomberg) -- Chinese energy drink maker Eastroc Beverage Group Co. is considering a listing in Hong Kong after a previous plan for a Swiss share sale did not materialize, according to people familiar with the matter.
Shanghai-listed Eastroc is seeking to hire banks to help prepare for a potential Hong Kong share sale that could take place as soon as next year, the people said, asking not to be identified as the information isn’t public. The offering could raise as much as $1 billion, the people said.
Eastroc shares have climbed 57% this year, giving the Shenzhen-based company a market value of about $15.8 billion. Established in 1994, the company sells drinks including vitamin energy and electrolyte beverages, Chinese-style sugar-free teas, coffee, and coconut milk, according to its website.
Deliberations are ongoing and details including size could still change, the people said. A representative for Eastroc didn’t have an immediate comment when contacted by Bloomberg News.
The beverage maker had planned a sale of global depositary receipts in Zurich about two years ago, when Chinese firms were taking advantage of a scheme allowing them to list on certain European exchanges before Beijing moved to tighten requirements for GDRs.
More recently, Chinese companies have turned to Hong Kong for second listings or IPOs because of challenges onshore, with China last year slowing the pace of first-time share sales as it sought to prop up its flagging stock market.
The two largest listings in Hong Kong this year were both by mainland-traded companies. Midea Group Co. raised $4.6 billion in September, followed by express-delivery company SF Holding Co. which raised $749 million last month. Others in the pipeline include Jiangsu Hengrui Pharmaceuticals Co. and Foshan Haitian Flavouring & Food Co., Bloomberg News has reported.
IPOs in the consumer sector in Hong Kong this year include bottled water maker China Resources Beverage Holdings Co.
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