HONG KONG, Oct 10 (Reuters) - Drinks maker China

Resources Beverage is set to launch its Hong Kong initial public

offering (IPO) next week, aiming to raise up to $700 million,

said two people with direct knowledge of the matter, in the

city's largest new share sale this year.

The company, which owns C'estbon branded purified drinking

products in China, will start taking bids from investors for the

offering as soon as Tuesday, the two people and another source

said.

The sources declined to be named because the matter was

confidential.

China Resources Beverage did not respond immediately to a

request for comment outside Hong Kong business hours.

The beverage unit of state-owned conglomerate China

Resources Holdings is aiming to raise between $600 million and

$700 million in the IPO, said the two sources. It plans to price

the IPO the week after next, one of them added.

Reuters reported last month that the company was aiming to

launch the IPO to raise up to $1 billion in October.

The flotation will come amid a see-sawing in Hong Kong's

equity market following the Chinese government's massive

stimulus package aimed at reviving the mainland Chinese economy.

The deal would be the largest IPO in Hong Kong in 2024,

surpassing tea drinks company Sichuan Baicha Baidao Industrial's

new share offering, in which the company raised $330

million in April.

Home appliance maker Midea raised nearly $4 billion earlier

in September in Hong Kong, but the company is listed in Shenzhen

which meant the listing was not considered an IPO.

There has been $2.73 billion worth of IPOs in Hong Kong so

far this year, according to LSEG data, compared to $3.3 billion

at the same time last year.

Bank of America ( BAC ), BOC International, CITIC Securities, and

UBS are the sponsors of China Resources Beverage's IPO.