Nongfu Spring Co., one of China’s biggest bottled water and beverage companies, is planning an initial public offering in Hong Kong that could raise at least $1 billion, people familiar with the matter said.

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The Hangzhou-based company is working with financial advisers for the potential first-time share sale, according to the people, who asked not to be identified as the information is private.

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The offering could happen as soon as the first half of 2020, the people said. A representative for Nongfu Spring didn’t immediately respond to requests for comment.

Nongfu Spring, founded in 1996, produces drinking water, vegetable and fruit juices as well as tea beverages and soft drinks, according to its website.

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