China Resources Beverage aims to launch up to US$1 billion Hong Kong IPO in October: sources

DRINKS maker China Resources Beverage is aiming to launch its Hong Kong initial public offering to raise up to US$1 billion in October, according to two sources with direct knowledge of the matter, in a deal that could be the largest new share offering in the city this year.

The sources could not be named discussing confidential information.

China Resources Beverage did not immediately respond to a request for comment.

The company, which owns the C’estbon branded purified drinking products in China, is aiming to have the deal completed before the US election in November, the sources added.

The timetable and final deal size are subject to market conditions, the sources added.

At US$1 billion, the China Resources Beverage IPO would be the largest in Hong Kong in 2024.

Midea raised nearly US$4 billion earlier in September but the company is listed in Shenzhen which meant the listing was not considered as an IPO.

A total of US$2.56 billion has been raised via IPOs in Hong Kong this year, versus US$5.7 billion in the whole of last year, according to Dealogic data. REUTERS