Chinese energy-drink maker Eastroc Beverage Group Co. has begun testing investor appetite for a secondary listing in Hong Kong. The share sale could raise more than $1 billion, according to people familiar with the deliberations. If pursued, the offering would add a sizable Hong Kong IPO to a market that has struggled for new deals.

Founded in Shenzhen, Eastroc competes in a crowded domestic market for energy drinks that has grown rapidly on demand from younger consumers. The company already trades on the mainland, and a dual listing would broaden its investor base and provide capital for expansion. Hong Kong has courted such listings to revive volumes after a slow stretch.

Timing will hinge on market conditions and regulatory feedback, with banks lining up to advise. Investors will weigh Eastroc’s pricing, growth prospects, and any regulatory scrutiny around high-caffeine products. A successful deal could encourage other Chinese consumer brands to tap offshore venues, while testing whether Hong Kong’s liquidity can support billion-dollar deals again.