As reported by Law.com, China Resources Beverage Ltd (CR Beverage), a soft drinks division of the state-owned enterprise China Resources Holdings Company Limited, has filed for its initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX). Being guided by prestigious law firms Clifford Chance, Jingtian & Gongcheng, and Harneys, the company lodged its filing on April 22, 2024.
The exact amount CR Beverage hopes to raise via the IPO has not been disclosed. However, there were previous indications from a Bloomberg report last year, suggesting that an IPO of its bottled water unit C’estbon could generate up to $1 billion in Hong Kong. Furthermore, reports alluded to the company’s collaboration with Bank of America Corp. and BOC International for facilitating its market entry.