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Clifford Chance and Jingtian & Gongcheng are advising China Resources Beverages, the beverage division of the state-owned China Resources Enterprise, on its upcoming Hong Kong IPO, which is expected to raise up to $1 billion. Paul Hastings and Zhong Lun Law Firm are acting for the joint sponsors.

Speculation about CR Beverages' potential listing in Hong Kong has surfaced multiple times. Bloomberg reports that the IPO could generate as much as $1 billion.

Established as one of China's pioneering bottled water producers, CR Beverages was initially known as Shekou Longhuan. In 1992, Shekou Longhuan acquired the trademarks "怡宝" (Yibao) and "C'estbon" from Hong Kong China Merchants Development Co.

In 1996, CR Beverages collaborated with Shekou Water Supply Company to manage C'estbon and took over Shekou Longhuan's operations. By 1999, C'estbon had become a wholly-owned subsidiary of CR Beverages.

The prospectus reveals that in 2023, CR Beverages ranks as the second-largest bottled drinking water retail seller in China, with sales reaching 39.6 billion yuan, trailing behind the market leader, Nongfu Spring.

The Clifford Chance team is led by partners Tim Wang, Virginia Lee, Liu Fang, and Liao Yufei, while partner Raymond Li heads the Paul Hastings team.

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