China Resources Holdings Co. is considering a Hong Kong initial public offering of its bottled water unit that could raise as much as $1 billion, according to people with knowledge of the matter. The Chinese conglomerate has discussed the potential listing of China Resources C’estbon Beverage (China) Co. internally, as well as with several financial advisers, the people said. A listing could happen as early as next year, said the people, who asked not to be identified as the information is private. Deliberations are at an early stage and details of the IPO such as size or timing could change,...