Chinese energy drink maker Eastroc Beverage Group Co. has selected banks for a sale of global depositary receipts in Switzerland that could raise about $500 million, according to people familiar with the matter.
(Bloomberg) — Chinese energy drink maker Eastroc Beverage Group Co. has selected banks for a sale of global depositary receipts in Switzerland that could raise about $500 million, according to people familiar with the matter.
The Shanghai-listed company is working with China International Capital Corp. and Goldman Sachs Group Inc. on the potential share sale, the people said. A listing could happen as soon as this year, the people said, asking not to be identified as the information is private.
Deliberations are ongoing and details including size, timeline could still change, the people said. More banks could be added later, they said. Representatives for CICC and Goldman declined to comment, while a representative for Eastroc didn’t respond to requests for comment.
The beverage maker is planning a Swiss listing to “meet the company’s business expansion needs in China and overseas as well as to strengthen its international brand image,” it said in an exchange filing in June, without providing details of the potential offering.
Eastroc is joining a flurry of Chinese companies choosing venues in Europe for their overseas fundraising, as policy uncertainties and geopolitical tensions make listings in the US more difficult. Four Chinese firms including battery makers GEM Co. and Gotion High-Tech Co. raised about $1.5 billion in total in Swiss listings last month. While the debuts opened the gate for more GDR sales, they were met with muted trading.
Read more: Chinese GDR Listings in Zurich Off to Muted Start: ECM Watch
China’s securities regulator said in February that the Shanghai-London Stock Connect, which allows companies that are listed on one exchange to offer depositary receipts on the other, will be extended to include firms listed in Switzerland, Germany and Shenzhen.
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