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The draft red herring prospectus, dated 6 November, was submitted to the Securities and Exchange Board of India. The proposed initial public offering comprises entirely existing shares offered by promoter Hindustan Coca-Cola Overseas Holdings Pte Ltd, rather than newly issued equity.

The maximum sale covers 997,461,456 shares with a face value of Rs 10 each. Because the transaction is structured as an offer for sale, Hindustan Coca-Cola Holdings will receive none of the proceeds. The money raised, after applicable expenses, will accrue to the selling shareholder.

The company proposes listing its shares on the BSE and National Stock Exchange. The draft documents do not establish the final offer price, valuation or subscription dates. Those details will depend on subsequent regulatory and transaction processes.

Coca-Cola said in June that it was exploring a possible listing in 2027. Its president and chief financial officer, John Murphy, reiterated during the company’s September-quarter earnings discussions that the group was examining a potential flotation and would provide updates when appropriate.

The proposed transaction forms part of Coca-Cola’s strategy of reducing direct ownership of bottling assets while concentrating more resources on brands, marketing and other activities. The flotation would provide a route for the parent group to reduce its economic exposure without requiring the operating business to issue additional shares.

Hindustan Coca-Cola Holdings is the parent of Hindustan Coca-Cola Beverages, which manufactures and distributes drinks across selected territories. Coca-Cola retains a 60% interest in the holding company through its overseas holding entity, while Jubilant Beverages owns 40%, following an investment in the bottling business.

The offering is expected to reduce the promoter’s stake, although the precise ownership structure after listing will depend on the final sale and related disclosures. The filing gives investors a first detailed view of the financial and operating performance of the business being brought to market.

For the quarter ended 30 June 2026, revenue from operations in the company’s retained business units rose 20.46% from a year earlier to Rs 4,310.17 crore. Sales volumes increased 18.61% over the corresponding period, according to figures disclosed in the offering documents.

The earnings before interest, tax, depreciation and amortisation margin, excluding other income and exceptional items, improved to 17.20%, compared with 13.76% a year earlier. The figures reflect the retained operations after transfers of certain territories to other bottling partners, making comparisons with earlier group-wide results less straightforward.

For the financial year ended March 2026, the business reported revenue of approximately Rs 11,663 crore. Its draft prospectus also identifies concentration in several territories and dependence on Coca-Cola group companies for beverage concentrates among the principal commercial risks facing the operation.

Five territories accounted for 75.63% of operating revenue during the financial year, underscoring the importance of regional demand and distribution performance. The company’s business remains tied to licensing arrangements, concentrate supplies and the continued availability of the brands it bottles and sells.

As of 30 June, the bottler operated 14 owned production facilities and worked with eight co-packing units. Its manufacturing system included 90 bottling lines and 23 warehouses, with annual installed capacity of approximately 1,291 million unit cases at its owned plants.

Its distribution arrangements extended to about 1.7 million retail outlets through 2,273 distributors. The portfolio comprised 41 beverages spanning carbonated soft drinks, packaged water, juices and other non-alcoholic products, including Thums Up, Maaza and Kinley.

The prospectus identifies the company as Coca-Cola’s largest bottling operator in India by concentrate volume, accounting for approximately 38.53% of concentrate sales in its territories during the financial year. Other territories are served by separate bottling partners.

The proposed shares will be offered through a book-building process, with allocations among qualified institutional buyers, non-institutional investors and retail applicants governed by securities regulations. Regulatory review of the draft prospectus is a step towards the flotation, rather than approval of a final issue price or a guarantee that the transaction will proceed.

Seven investment banking firms have been appointed as book-running lead managers: Kotak Mahindra Capital, Citigroup Global Markets India, J. P. Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs (India) Securities and IIFL Capital Services. KFin Technologies is registrar to the proposed offering.

The Japanese investment group and Swiss engineering company are considering placing ABB Robotics’ China business into a separately owned entity while allowing SoftBank to acquire the remaining operations. Discussions remain preliminary, and there is no assurance that the proposed separation will overcome China’s objections or produce a completed transaction.

SoftBank is understood to be driving the restructuring discussions with ABB and their advisers. The companies have not publicly confirmed a carve-out proposal. Both declined to comment on the reported deliberations, although SoftBank has acknowledged continuing talks with ABB over the transaction.

China’s Office of the Working Mechanism for Foreign Investment Security Review, operating under the National Development and Reform Commission, prohibited the acquisition of ABB’s robotics operations in China. The decision, communicated to SoftBank this week, interrupted a sale agreed in October 2025 and valued at approximately $5.4 billion.

SoftBank said it had received notification of the prohibition and was working constructively with ABB. The Chinese authorities have not publicly detailed their reasons for rejecting the transaction. Questions surrounding the protection of industrial technology and data have nevertheless become central to discussions about a possible alternative ownership arrangement.

A separation would be commercially significant because China is ABB Robotics’ largest individual market. Its manufacturing and research operations in Shanghai form an important part of the business SoftBank originally agreed to purchase. Removing those assets could change both the economic value and strategic appeal of the acquisition.

China accounts for roughly 30 per cent of the robotics business, although the precise share varies with the period and measure used. More than 90 per cent of robots supplied to ABB’s Chinese customers are manufactured locally, illustrating the extent to which its operations are integrated into the country’s industrial supply chains.

The proposed structure would therefore need to address more than the legal ownership of a subsidiary. Manufacturing facilities, research activities, intellectual property, commercial relationships and arrangements for handling operational information could all affect how the businesses are divided. No agreed terms governing those matters have been disclosed.

ABB is separately examining alternatives, including finding another purchaser for the robotics division. One possible sale scenario has been associated with a valuation of $2 billion to $3 billion, substantially below the original SoftBank transaction price. That figure remains an informal possibility rather than a confirmed offer or independent valuation.

Returning to a previously considered stock-market separation is another potential route. ABB had originally intended to spin off the robotics division before agreeing to sell it to SoftBank. A listing would introduce different execution and market risks, particularly after the companies signed a binding acquisition agreement.

The regulatory intervention has complicated ABB’s capital allocation plans. The company had expected to use proceeds from the divestment to support acquisitions elsewhere in its business. Citigroup analyst Martin Wilkie estimated that the Chinese blockage could reduce ABB’s available acquisition capacity to approximately $5 billion, roughly half the amount previously envisaged.

ABB shares declined on Friday, extending their losses for the week to more than 5 per cent. SoftBank shares fell about 11 per cent in Tokyo amid a broader technology-sector sell-off, although movements in its share price cannot be attributed solely to the robotics decision.

For SoftBank, the proposed purchase was intended to strengthen its position in robotics systems that combine artificial intelligence with physical machinery. The group has identified this field as an investment priority, making access to ABB’s engineering capabilities and established industrial customer base an important consideration.

The robotics division generated approximately $2.3 billion in revenue in 2024 and employed around 7,000 people. Its manufacturing footprint includes facilities in China, Sweden and the United States, serving industrial customers alongside competitors such as Fanuc, Yaskawa Electric and Kuka.

The original acquisition agreement, signed on 8 October 2025, specified a purchase price of $5.375 billion and required regulatory approvals in several jurisdictions, including China. The Chinese security review was distinct from competition approval, demonstrating that clearance under one regulatory process did not settle the separate investment-security assessment. ABB had previously targeted completion of the divestment during 2026, subject to the remaining necessary approvals and other applicable customary closing conditions.

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New research from KPMG China and GS1 Hong Kong highlights three key priorities for retailers: building trust in AI, delivering market-specific strategies for the growing silver economy, and strengthening brand confidence across Hong Kong and other cities in the Greater Bay Area

HONG KONG SAR – Media OutReach Newswire – 4 November 2026 – Consumer confidence in artificial intelligence is rising across Hong Kong and other cities in the Greater Bay Area (GBA), but new research from KPMG China and GS1 Hong Kong shows that retailers will need markedly different strategies to convert that confidence into growth. While consumers in other GBA cities show greater openness to personalised experiences and Chinese Mainland brands, Hong Kong consumers place more emphasis on value for money.

The Growth Reimagined: Building Consumer Trust in the AI Era report identifies three themes which have emerged as a roadmap for future growth:

• Trusted AI builds consumer confidence: AI can enhance personalisation and speed up service delivery, but privacy, accuracy, transparency and a human touch will determine consumer adoption.
• Silver shoppers diverge by market: To capture the growing silver economy, brands must prioritise price in Hong Kong, and brand reputation and engaging experiences in other GBA cities.
• The low-cost-only label no longer fits Chinese Mainland brands: Their advances in quality and innovation are forcing competitors to rethink where future brand advantage will come from.

AI trust is rising but a transparency gap persists, creating new opportunities for growth

Trust in AI has risen significantly since last year’s survey. In Hong Kong, 48% of consumers now trust AI at least somewhat, up from 28%, while trust in other GBA cities has increased from 59% to 76%. Yet growing trust has not translated into the same willingness to share personal data: just 10% of Hong Kong consumers who trust AI are comfortable doing so, compared with 32% in other GBA cities.

The difference in AI trust between Hong Kong and other GBA cities is particularly pronounced among silver shoppers, defined in the report as consumers aged above 55. Just 38% of Hong Kong silver shoppers trust AI, compared with 76% in other GBA cities, underscoring the challenge retailers face in building AI confidence among older Hong Kong consumers.

To bridge this gap, retailers in Hong Kong need to demonstrate clear value before asking consumers to share more data, while providing transparency and control over how their data is used. Consumer confidence should extend across the entire retail journey: from payment and product authenticity to returns and customer support. AI should help consumers find what they need more easily, while maintaining accuracy, fairness and access to human support.

Anna Lin, Chief Executive, GS1 Hong Kong, says: “AI is increasingly shaping how consumers discover and evaluate products, and it tends to recommend those backed by data it can readily interpret and trust. Businesses with trusted, standardised product data that is structured for machines to understand and use and traceable to an identifiable source will be best positioned to earn consumer confidence and influence future purchasing decisions.”

The silver economy is not a single consumer market

Across all age groups, value remains a priority for 73% of Hong Kong consumers, compared with 45% in other GBA cities.

When asked to describe their shopping style, 57% of silver shoppers in Hong Kong identify primarily as value shoppers, compared with only 23% in other GBA cities, where brand reputation, at 37%, and shopping experience, at 27%, emerge as their leading considerations.

The findings suggest that age alone is not enough to define the silver shoppers. Retailers looking to capture the opportunities created by the region’s ageing population will need to understand how expectations differ by market, and develop propositions that reflect those differences.

Alice Yip, Partner, Head of Consumer & Retail, Hong Kong SAR, KPMG China, says: “Growth in the silver economy depends on recognising that shoppers’ priorities differ across markets. Hong Kong’s silver shoppers prioritise competitive prices, while those in other GBA cities place greater emphasis on brand reputation and shopping experiences. Capturing this opportunity involves understanding what matters locally and tailoring the retail offer accordingly, rather than treating the silver economy as one uniform market.”

Chinese Mainland speed raises the stakes for Hong Kong and global brands

Chinese Mainland brands are emerging as a stronger force in innovation and speed. In other GBA cities, that progress is already reflected in consumer perceptions: 64% choose them for value for money, 58% for safety and reliability and 50% for brand reputation.

In Hong Kong, however, they are still seen primarily through the lens of value. While 81% of consumers choose Chinese Mainland brands for value for money, fewer cite safety and reliability (39%), higher quality (33%) or brand reputation (31%). Their next opportunity is to turn Chinese Mainland speed and improving quality into stronger brand confidence.

Hong Kong brands retain a clear advantage in trust. Consumers in Hong Kong (74%) and other GBA cities (61%) cite safety and reliability as the leading reason for choosing Hong Kong brands. Among Hong Kong consumers, preference for Hong Kong brands is particularly strong in airlines (78%) and food and beverages (71%).

But trust cannot be taken for granted. As Chinese Mainland brands strengthen their safety and reliability credentials, Hong Kong brands will need to combine their reputation for reliability with greater innovation, sharper value and faster execution.

Anson Bailey, Head of Consumer & Retail, Asia Pacific, KPMG China, says: “Any brand that still sees Chinese Mainland competitors as a low-cost threat is looking in the rear-view mirror. Chinese Mainland speed is now producing better products, sharper design and faster innovation at a scale few markets can match. The real shift is that Chinese Mainland brands are learning to build brand equity at the same pace as they have built scale through value and speed. This is increasingly influencing who can win – not only in the GBA, but in consumer markets worldwide.”

Hashtag: #KPMG #GS1HongKong

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About KPMG

KPMG in China has offices located in 31 cities with over 14,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.

KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organisation or to one or more member firms collectively.

KPMG firms operate in 138 countries and territories with more than 276,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

About GS1 Hong Kong

GS1 Hong Kong is the local chapter of GS1®, a global, not-for-profit data standards organisation represented in over 120 countries. Through globally recognised standards such as GTIN (barcodes), we enable businesses to identify, capture and share trusted data across physical and digital supply chains, helping them accelerate digital transformation, access global markets, strengthen supply chain resilience and efficiency, and advance transparency, safety and sustainability.

Building on global data standards, GS1 Hong Kong provides solutions including ezTRADE for B2B data exchange, ezTRACK for supply chain traceability, and 1QR, powered by GS1 Digital Link, connecting 2D barcodes to rich product information such as certifications and sustainability data.

The trusted data infrastructure also supports emerging business needs, from trade finance to Scope 3 emissions reporting and ESG compliance. In an AI-driven economy, we provide the foundation for high-quality data that is accurate, visible, linkable, searchable, shareable and traceable.

GS1 Hong Kong supports close to 8,000 corporate members across 20 sectors, including retail and consumer goods, food and beverage, healthcare, apparel and footwear, logistics and ICT.

Website: www.gs1hk.org