---
title: "Shenzhen's 160-Billion-Yuan Beverage Giant Rushes to List in Hong Kong"
description: "Driven by its budget-friendly energy drink Dongpeng Tequila, Dongpeng Beverages has achieved rapid growth for years, with revenue hitting 10 billion yuan in progressively shorter periods over the past three years. The company, now valued at 160 billion yuan on the A-share market, is rushing to list in Hong Kong to compete with industry leader Nongfu Spring."
author: "财经天下"
publisher: "New Distribution"
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published: "2025-10-19"
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# Shenzhen's 160-Billion-Yuan Beverage Giant Rushes to List in Hong Kong

> Driven by its budget-friendly energy drink Dongpeng Tequila, Dongpeng Beverages has achieved rapid growth for years, with revenue hitting 10 billion yuan in progressively shorter periods over the past three years. The company, now valued at 160 billion yuan on the A-share market, is rushing to list in Hong Kong to compete with industry leader Nongfu Spring.

**Source** | Finance World WEEKLY
Driven by its budget-friendly energy drink Dongpeng Tequila, Dongpeng Beverages has achieved rapid growth for years, with revenue hitting 10 billion yuan in progressively shorter periods over the past three years. In the capital market, Dongpeng Beverages has become a darling of the A-share market, with its stock price rising for three consecutive years, a market value of 160 billion yuan, and the founder's family wealth exceeding 100 billion yuan.
Now this beverage giant is not content with the status quo and is rushing to list in Hong Kong, competing on the same stage with industry leader Nongfu Spring.
**A-share Beverage Giant Makes Another Attempt at Hong Kong Listing**
On October 9, Dongpeng Beverages, known as the "first A-share energy drink stock," submitted another listing application to the Hong Kong Stock Exchange, continuing its push to become the first "A+H" listed company in the energy drink industry. Earlier this year, in April, it had submitted a listing application, but the prospectus lapsed on October 3.
Amid the wave of "A+H" listings, Dongpeng Beverages appears eager, resubmitting its application immediately after the previous one lapsed. The company stated that the funds raised will be primarily used to improve production capacity layout and advance supply chain upgrades; promote its national expansion strategy, expanding, deepening, and refining channel network operations; and expand overseas market business, exploring potential investment and acquisition opportunities.
The timing of the H-share listing is still unknown, but on the A-share market, Dongpeng Beverages has been highly favored over the past two years.
As of the close on October 10, Dongpeng Beverages' stock price stood at 311.68 yuan per share, with a total market value of 162.1 billion yuan. Over a longer timeframe, Dongpeng Beverages has risen for three consecutive years, with a slight increase in 2023, a gain of over 80% in 2024, and a further increase of over 27% so far this year.
In the beverage industry, only Nongfu Spring, which has returned to a total market value of 500 billion Hong Kong dollars, can match Dongpeng Beverages' stock price gains. During the same period, other beverage giants and smaller players such as Tingyi, Uni-President, and Chengde Lulu have seen relatively lackluster stock performance.
Behind Dongpeng Beverages' impressive performance, of course, lies strong financial results.
In the first half of 2025, Dongpeng Beverages achieved operating revenue of 10.737 billion yuan, a year-on-year increase of 36.37%, and net profit attributable to shareholders of 2.375 billion yuan, a year-on-year increase of 37.22%. Dongpeng Beverages has achieved double-digit year-on-year growth in both revenue and net profit in the first half of the year for five consecutive years.
Looking back at recent years, Dongpeng Beverages has achieved leapfrog growth.
In 2023, Dongpeng Beverages' full-year revenue exceeded 10 billion yuan for the first time; in the first three quarters of 2024, it surpassed 10 billion yuan, exceeding the full-year 2023 figure; in 2024, revenue ultimately exceeded 15 billion yuan, with net profit growth exceeding 60%; in the first half of 2025, revenue already exceeded 10 billion yuan.
It can be said that over the past three years, the time taken for Dongpeng Beverages to achieve 10 billion yuan in revenue has been decreasing quarterly.
For the sustained high growth in performance, Dongpeng Beverages explained that there are two main reasons: continuing to advance its national expansion strategy, strengthening channel operation capabilities through refined channel management, continuing to strengthen frozen display construction, increasing the exposure rate of all product categories, and driving terminal sales; at the same time, the company has actively explored multi-category development.
Starting from 2024, Dongpeng Beverages increased its investment in the northern market. Previously, due to considerations such as the competitive landscape and higher construction costs in the north, Dongpeng Beverages had placed the northern market in a relatively lower strategic position.
In 2024, several regional markets of Dongpeng Beverages grew rapidly, especially the North China region, with revenue of 1.856 billion yuan, an increase of 83.85%, and its share rising to nearly 12%. In the first half of 2025, the North China region's revenue increased by 73.03%, the fastest among all regional markets, and its share rose to 15.91%.
Dongpeng Tequila is the core product of Dongpeng Beverages, but new growth also comes from other products.
Starting from 2024, Dongpeng Beverages fully implemented the "1+6" multi-category strategy. In addition to Dongpeng Tequila, Dongpeng Beverages has successively launched electrolyte beverage Buzhula, ready-to-drink coffee beverage Dongpeng Daka, tea beverages Wulong Shangcha and Pengyou Shangcha, as well as fruit and vegetable juice beverages, plant-based protein drink Haidao Yeye Juice, and pre-mixed cocktail VIVI.
In the first half of 2025, Dongpeng Beverages' energy drink revenue was 8.361 billion yuan, a year-on-year increase of 21.92%, with its share dropping from 87.23% in the same period last year to 77.91%. The non-energy drink segment, cultivated as a second growth curve, achieved phased results, with its revenue share further increasing in the first half of the year.
### **Buzhula Achieves 1.5 Billion Yuan in Half-Year Revenue**
In the 2023 annual report, Dongpeng Beverages' revenue was divided into two segments by product: Dongpeng Tequila and other beverages. However, starting from the first half of 2024, Dongpeng Beverages for the first time separately disclosed revenue for Buzhula, separating it from "other beverages." This indicates that Buzhula's status has become increasingly important.
In the first half of 2025, Buzhula's revenue was 1.493 billion yuan, a year-on-year increase of approximately 214%, with its share rising from 6.05% in the same period last year to 13.91%. In contrast, in the first half of 2023, Buzhula's revenue was only 125 million yuan, accounting for less than 2.3%.
In addition to Dongpeng Tequila and Buzhula, other beverages in Dongpeng Beverages' portfolio generated revenue of 877 million yuan in the first half of 2025, a year-on-year increase of approximately 66%, with its share rising to 8.18%. Although this performance is also decent, it is far behind Buzhula as a single category.
▲ Dongpeng Beverages' diversified product lineup. Source: Dongpeng Beverages' Hong Kong IPO prospectus
Buzhula is an electrolyte beverage, a new product launched by Dongpeng Beverages in January 2023. Previously, in China's electrolyte beverage market, Alien, under Genki Forest, held the largest share; Pocari Sweat, a Japanese brand that has been in the Chinese market for many years, was second; followed by Jianjiao under Nongfu Spring, Mizone under Danone, Gatorade under PepsiCo, and Moli under C'estbon.
In recent years, the electrolyte beverage market has developed rapidly. As a newcomer, Buzhula's rapid growth has changed the competitive landscape of electrolyte beverages.
Dongpeng Tequila is known as a "Red Bull alternative" due to its high cost-performance ratio. Buzhula's success as the second growth curve of Dongpeng Beverages actually replicates the success formula of Dongpeng Tequila: the strategy of extreme cost-performance and the marketing tactic of "One Yuan Happy Purchase."
Buzhula's main competitors—Alien and Pocari Sweat—typically retail for around 6 yuan for 500ml bottles in offline stores, and Mizone's electrolyte beverage in 600ml bottles also retails at the 6 yuan price point. However, Buzhula's price is lower than mainstream competitors' products.
Buzhula commonly comes in two packaging specifications: a small 555ml bottle and a large 1L bottle. In offline supermarkets and small shops, the small bottle retails for around 4 yuan, and the large bottle for around 6 yuan. In other words, the retail price of a 600ml bottle of Alien or Pocari Sweat is the same as that of a 1L bottle of Buzhula.
If only comparing price and capacity, Buzhula has a clear advantage. At the same time, leveraging Dongpeng Tequila's distribution channels, Buzhula quickly appeared on shelves across the country, accompanied by a series of promotional activities.
The marketing tactics that Dongpeng Tequila has mastered, such as prizes for opening bottles and scanning QR codes for red envelopes, have also been "copied" by Buzhula.
Buzhula has two types of prize-winning mechanisms: one is "One Yuan Happy Purchase," and the other is scanning QR codes to win red envelopes. Especially in the One Yuan Happy Purchase, Buzhula initially had an extremely high winning rate, with some people winning 6 bottles in a row, and others even more. The high winning rate also generated a buzz on social and short-video platforms, with frequent comments like "Can't finish drinking, absolutely can't finish drinking."
In the first half of the year, Dongpeng Beverages launched the "Xiao Buzhu" series in 380ml new products, covering scenarios such as schools, homes, and meetings with their portability, broadening consumption scenarios; for specific channels like snack bulk stores, Dongpeng Beverages developed a 900ml Buzhula. Additionally, Dongpeng Beverages launched a sugar-free series of Buzhula.
### **Major Shareholders Frequently Reduce Holdings**
Stock price and performance are rising, the second growth curve is maturing, and now it is rushing to list in Hong Kong... The wealth story of Dongpeng Beverages continues to unfold.
Since Dongpeng Beverages went public, brothers Lin Muqin and Lin Mugang have become regulars on major wealth lists.
Lin Muqin, born in 1964 in Shanwei, Guangdong, is the actual controller of Dongpeng Beverages. Lin Muqin is the chairman and president of Dongpeng Beverages. His younger brother Lin Mugang is a director and executive president. Behind Dongpeng Beverages, multiple members of the Lin Muqin family hold shares, including Lin Mugang, his son Lin Yupeng, and his nephew Lin Daiqin.
In the "2024 Hurun China Rich List" (with statistics as of August 30, 2024) released by the Hurun Research Institute at the end of October 2024, the wealth of Lin Muqin and his son Lin Yupeng was 51 billion yuan, ranking 74th on the list.
As of the end of June 2025, Lin Muqin directly held 49.74% of Dongpeng Beverages' shares, Lin Mugang directly held 5.22%, and Lin Daiqin, who is an uncle-nephew relationship with Lin Muqin and Lin Mugang, directly held 5.22%. These three together directly held 60.18%. In addition, Kunpeng Investment held 5.06% of Dongpeng Beverages, with Lin Muqin and his son Lin Yupeng collectively holding over 63% of Kunpeng Investment.
Based on the total market value at the close on October 10, the market value of shares held by Lin Muqin and his son Lin Yupeng exceeded 85 billion yuan, and the entire Lin Muqin family's shareholding market value exceeded 100 billion yuan.
Amid waves of share reductions, the wealth effect for other shareholders of Dongpeng Beverages is also amplifying.
In May 2022, on the first anniversary of Dongpeng Beverages' listing, the second-largest shareholder, Tianjin Junzheng Investment Management Partnership (Limited Partnership), which held 9% of the shares, announced a reduction plan, but did not reduce during the period.
Subsequently, Junzheng Investment announced reduction plans in September 2022, January 2023, January 2024, and July 2024, cashing out approximately 250 million yuan, 679 million yuan, 1.896 billion yuan, and 1.326 billion yuan, respectively, during the reduction periods. From September 2022 to October 2024, after four reduction periods, Junzheng Investment cumulatively cashed out approximately 4.151 billion yuan.
After this reduction was completed, Junzheng Investment's shareholding ratio fell below 5%, but it still held 3.5846% of Dongpeng Beverages' shares.
The 2025 semi-annual report shows that Junzheng Investment continued to reduce its holdings during the reporting period. By the end of June, it had already dropped out of the top five shareholders of Dongpeng Beverages, becoming the eighth-largest shareholder, with its shareholding ratio reduced to 1%.
Junzheng Investment invested in Dongpeng Beverages around 2017 through capital increases and equity transfers, with a total investment of approximately 356 million yuan. It is evident that Junzheng Investment's investment in Dongpeng Beverages has yielded substantial returns.
In fact, behind Junzheng Investment is Jiahua Capital and its founding partner and chairman, Song Xiangqian. Song Xiangqian is a well-known figure in the venture capital circle, with a long-term focus on the consumer sector. Additionally, Junzheng Investment has attracted participation from several A-share listed companies or their actual controllers, such as Qiaqia Food and its actual controller Chen Xianbao, Babi Food, and Jiajia Food.
For Junzheng Investment, capital is always profit-seeking, so reducing holdings and cashing out is naturally understandable.
However, Dongpeng Beverages' directors, supervisors, and senior executives have also been reducing their holdings.
As soon as the lock-up period ended in May 2023, Dongpeng Beverages announced that its shareholders Kunpeng Investment, Cai Yunsheng, Li Dawen, Dongpeng Yuandao, Chen Yimin, Peng Dexin, Li Zengyong, Liu Meili, Dongpeng Zhiyuan, Dongpeng Zhicheng, Liu Lihua, Jiang Weiwei, and Lu Yifu planned to reduce their holdings by up to 8.94% of total shares due to their own capital needs.
At that time, Liu Meili, Li Dawen, Liu Lihua, Lu Yifu, Jiang Weiwei, Cai Yunsheng, Chen Yimin, and Li Zengyong were all directors, supervisors, or senior executives of Dongpeng Beverages. Kunpeng Investment held more than 5% of shares, mainly behind the Lin Muqin family, while Dongpeng Yuandao, Dongpeng Zhiyuan, and Dongpeng Zhicheng also had Lin Muqin behind them.
In December 2023, when the reduction period ended, the above shareholders and directors, supervisors, and senior executives cumulatively cashed out approximately 1.369 billion yuan.
In February 2025, Dongpeng Beverages again announced that Kunpeng Investment, the third-largest shareholder holding approximately 6.44% of the company's shares, planned to reduce its holdings by no more than 1.38% of the company's total shares. In May, this reduction was terminated, with a total reduction of nearly 1.38% during the period, amounting to 1.908 billion yuan. As of the announcement date, Kunpeng Investment still held approximately 5.06%.
Although shareholders have cited "own capital needs" as the reason for reducing holdings, frequent reductions at high prices have still sparked widespread discussion.
Although Kunpeng Investment partners Lin Muqin and Lin Yupeng promised not to participate in the aforementioned reduction by Kunpeng Investment, the Lin Muqin family has already reaped substantial benefits through dividends.
Wind data shows that since its listing, Dongpeng Beverages has distributed dividends 7 times, with cumulative cash dividends of approximately 6.6 billion yuan. Based on shareholding ratios, over 63% of the dividends have been received by Lin Muqin and his family.


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## Citation metadata

- Publisher: New Distribution
- Author: 财经天下
- Published: 2025-10-19
- Canonical: https://xinjignxiao.com/en/articles/shenzhen-s-160-billion-yuan-beverage-giant-rushes-to-list-in-hong-kong-f38c406f/
- Original source: https://mp.weixin.qq.com/s/2UVWwXQfeHVyslkn0uJYYA

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