Lin Muqin and his son from Shanwei are making their second attempt at a Hong Kong stock listing. On October 10, Dongpeng Beverage, under their control, updated its prospectus and disclosed financial results showing revenue of 10.7 billion yuan in the first half of the year.

Dongpeng Beverage first submitted its application to the Hong Kong Stock Exchange in early April, but the application automatically expired on October 3 as the listing process was not completed within six months. Within just one week, the Lin father-son duo swiftly updated their IPO materials, demonstrating their rapid execution pace.

"We will create a team that combines international vision with local advantages to support future global development," the prospectus states. The funds raised will be used to expand production capacity, upgrade supply chains, and develop overseas business.

As of the market close on the 10th, Dongpeng Beverage's A-shares rose 3.37%, with market capitalization reaching 160 billion yuan.

**Multi-pronged Approach**

Dongpeng Beverage Chairman Lin Muqin built his fortune on functional beverages. He identified the market opportunity of selling high-volume, low-priced functional drinks to blue-collar workers such as truck drivers and delivery personnel, gradually scaling up the business.

By the end of June, Dongpeng Beverage had entered over 4.2 million terminal retail outlets nationwide, covering nearly 100% of prefecture-level cities. According to a Frost & Sullivan report, based on sales volume, Dongpeng's market share in China's functional beverage market grew to 26.3% in 2024.

The company's revenue increased to 15.84 billion yuan last year, with energy drinks contributing over 80%. From January to June 2025, energy drinks remained the performance pillar, though their revenue contribution decreased to 77.9%.

Sports drinks have emerged as a strong performer. Lin Muqin launched the "Dongpeng Hydration" product, which generated nearly 1.5 billion yuan in revenue in 2024. From January to June 2025, this product's revenue contribution increased to 13.9%.

The founder has invested generously in sponsoring various sports events and competitive variety shows. At September's China Open tennis tournament, Dongpeng Hydration appeared as the "exclusive designated electrolyte drink."

Additionally, Lin Muqin's "1+6 multi-category strategy" includes tea beverages, coffee beverages, plant protein beverages, and fruit and vegetable juice beverages, though these categories currently contribute smaller revenue shares.

With strong performance and rising stock prices, Lin Muqin's wealth has grown significantly. As of the end of September 2025, he directly holds 49.74% of Dongpeng Beverage's shares as the controlling shareholder. On the 2025 Hurun Global Rich List, Lin Muqin and Lin Yupeng father and son ranked 293rd with wealth of 68.5 billion yuan, marking a substantial improvement in ranking.

**Seeking Overseas Opportunities**

Dongpeng Beverage maintains strong financial position. On October 10, the company announced using 893 million yuan of idle funds to purchase wealth management products. From January to June, its net operating cash flow was 1.74 billion yuan, with cash on hand exceeding 2 billion yuan.

One of Lin Muqin's intentions for the Hong Kong IPO may be to accelerate internationalization. "Domestic functional beverage competition is intensifying, and companies need to break through revenue ceilings," an industry insider said. Going overseas is a necessary strategic move for Dongpeng.

Lin Muqin has already made moves in Southeast Asia. Dongpeng has established subsidiaries in Vietnam, Indonesia, and Malaysia, led by Group Vice President Hu Yajun. In terms of production capacity, the company plans to add four major production bases to its existing nine factories. Among these, factories in Hainan, Kunming, and Indonesia will serve the Southeast Asian market.

Going overseas is not easy. The Southeast Asian functional beverage market is firmly controlled by brands like Red Bull, and countries like Indonesia and Vietnam have increasingly strict regulations on foreign functional beverage formulations and caffeine content.

As of the end of June, Dongpeng's overseas revenue accounted for less than 1% of total revenue, still in the "strategic seeding" phase. If all goes smoothly, listing on the Hong Kong Stock Exchange would only be the starting point for overseas expansion. Strengthening localization, expanding production capacity and distribution channels will all require significant effort from this father-son team.