国民汽水大窑，也要被卖了？

Core Viewpoint - KKR is reportedly close to acquiring an 85% stake in the Chinese beverage company Dayao, which would mark a significant move in KKR's investment strategy in the consumer sector in China [1][3]. Group 1: KKR's Investment Strategy - KKR, founded in 1976, is a pioneer in leveraged buyouts and manages over $664 billion in assets as of Q1 2025, reflecting a 15% year-over-year growth [3]. - The firm has been actively investing in Asia, with notable acquisitions in Japan and a history of investments in various sectors in China, including companies like Haier and ByteDance [3][8]. - KKR's expertise in post-investment management could help Dayao overcome challenges in expanding its market presence beyond regional boundaries [8][10]. Group 2: Dayao's Business Overview - Dayao, founded in the 1980s, has recently gained recognition after expanding beyond Inner Mongolia and establishing a significant presence in the restaurant channel, which accounts for over 85% of its sales [4][6]. - The company has diversified its product offerings into six categories, including carbonated drinks and fruit juices, and has adopted a unique packaging strategy to enhance brand visibility [6][7]. - Dayao's pricing strategy allows for high profit margins for distributors, making it an attractive partner for channel collaboration [7]. Group 3: Market Context and Challenges - The Chinese beverage market is dominated by international giants like Coca-Cola and Pepsi, which control approximately 95% of the market share, posing significant challenges for local brands like Dayao [8]. - The potential acquisition by KKR could be one of the largest foreign mergers in the Chinese beverage industry in recent years, highlighting the growing interest of international capital in the Chinese consumer market [8][10]. - Recent policy support from the Chinese government aims to boost consumer spending and facilitate financing for quality enterprises, which may further attract foreign investment [10].