UPDATE 2-Coke not in talks with Huiyuan - source

* Source says Coke not in talks with Huiyuan

* Huiyuan shares had jumped 25 pct on deal hopes (Recasts with update on deal talks, Huiyuan statement; adds NEW YORK dateline)

By Martinne Geller and Alison Leung

NEW YORK/HONG KONG, April 24 (Reuters) - Coca-Cola Co (KO.N), whose planned purchase of China Huiyuan Juice (1886.HK) was blocked by the Chinese government in March, is not in talks to explore other partnership options with Huiyuan, a source familiar with the situation said.

Shares of Huiyuan, China's top juice maker, jumped 25 percent to a five-week high earlier on Friday, on reports that the companies were back in talks after Coke's failed $2.4 billion bid to engineer the largest-ever foreign takeover of a Chinese company.

Huiyuan acknowledged the press reports suggesting the two were back in discussions on Friday.

"The company is unaware of the source of such information and would like to confirm that it is not in possession of any price-sensitive information which would require an announcement" under Hong Kong securities regulations, Huiyuan said in a statement.

Coca-Cola, the world's largest soft drink maker, said it has a policy of not commenting on speculation.

A source familiar with the situation said on Friday that no talks were taking place.

Citing another source, Reuters reported on Thursday that talks had taken place in Beijing between the two companies. The Wall Street Journal, also citing unidentified sources, had said informal negotiations could include Coke taking a minority stake in Huiyuan.

Shares in Hong Kong-listed Huiyuan hit a high of HK$6.3 Friday morning before closing at HK$5.73, up 13.4 percent. Coke fell 14 cents to $42.78 on the New York Stock Exchange.

CHEAPER TO BUY IN NOW

Huiyuan's shares have lost nearly 50 percent of their value in the past three months, after the failed takeover bid and plummeting valuations, making a second possible deal much cheaper for Coke.

The all-cash deal Coke proposed in September offered a hefty premium of HK$12.20 for the juice maker -- 43 times Huiyuan's forecast 2008 earnings at the time.

Some Coke investors said they were not totally disappointed when the deal collapsed because of the price tag.

China said the deal would have been bad for competition, in what was the biggest test yet of how Chinese officials would implement a tough anti-monopoly law enacted last year.