China Resources Beverage Seeks Up to $649 Million in HK IPO (2)

China Resources Beverage Holdings Co. is seeking to raise as much as $649 million in its Hong Kong initial public offering, one of the city’s largest listings this year.

The owner of the C’estbon water brand attracted a unit of China Tourism Group, UBS Asset Management AG and Oaktree Capital Management LP as cornerstone investors for the share sale. Boyu Capital and China Post Life Insurance Co. are among other cornerstones, the company’s listing document showed Tuesday.

With the overallotment option, which allows IPO arrangers to sell additional shares, China Resources Beverage could raise as much as $747 million. ...