大窑汽水，要卖给华尔街？

Core Viewpoint - The domestic soda brand Dayao is undergoing a significant capital change, with KKR set to acquire 85% of its shares, marking a shift from its previous stance of rejecting foreign investment [1][2][3] Company Overview - Dayao was founded by Wang Qingdong, who previously declared a strong commitment to not selling to foreign investors, branding the company as a symbol of national pride [1][6] - KKR, a private equity firm established in 1976 and listed on the New York Stock Exchange, will gain indirect control over Vista International Inc., which operates in the beverage sector in China [3][5] Market Dynamics - The acquisition reflects Dayao's need for substantial financial support to compete with giants like Coca-Cola and PepsiCo, particularly in expanding its market presence and enhancing brand development [8][10] - Dayao's market growth has been rapid but primarily concentrated in northern China, raising concerns about sustainability and competition from regional brands [10][12] Strategic Implications - Post-acquisition, KKR is expected to focus Dayao on its core soda business, particularly in the restaurant channel, leveraging its financial resources to accelerate national expansion and improve supply chain management [13][16] - The entry of KKR may intensify competition among regional soda brands, forcing them to seek consolidation or stronger capital support to maintain market share [15][16] Industry Impact - The acquisition is likely to challenge the localization strategies of Coca-Cola and PepsiCo, as Dayao's enhanced capabilities could pose a greater threat in the restaurant sector [16] - The shift in control from a domestic to a foreign entity raises questions about consumer acceptance of Dayao as a "national soda" under foreign ownership [16]