KKR(US:KKR) 21世纪经济报道·2025-07-17 05:52Core Viewpoint - The rumors regarding the sale of Dayao Beverage appear to be confirmed, with KKR set to acquire an 85% stake in the company through its newly established special purpose vehicle, Dynamo Asia Holdings II Private Limited [1][2]. Group 1: Acquisition Details - KKR's acquisition of the equity in Yuanjing International, which operates Dayao Beverage, is scheduled for approval by July 4, 2025 [1]. - Yuanjing International was established in the Cayman Islands in 2024 and primarily engages in beverage operations in China [2]. - The ultimate controller of Yuanjing International is a natural person, with the name "WANG, QINGDONG," closely resembling that of Dayao Beverage's chairman, Wang Qingdong [2]. Group 2: Market Position - Yuanjing International holds a market share of 5% to 10% in the carbonated beverage market in China as of 2024 [2]. - In the carbonated beverage market, Coca-Cola leads with a 60.28% share, followed by Pepsi at 29.37%, while Dayao ranks third with a 2.42% market share [2]. - Dayao's market share has shown a gradual increase from 2.28% in 2023 to 2.64% in the first half of 2025 [5]. Group 3: Market Trends - The carbonated beverage market is experiencing a contraction, as indicated by Nielsen IQ data showing a decline in offline market sales [3][4]. - Both of Coca-Cola's major bottling partners in China reported a decrease in product sales in 2024 [4].