Core Viewpoint - KKR's first onshore RMB fund has been established, indicating a significant trend of global top investment institutions expanding their operations in China [1][3]. Group 1: KKR's Onshore RMB Fund - KKR's onshore RMB fund, managed by KKR's domestic private equity entity, has a scale of approximately 400 million RMB [1]. - The fund's partners include diverse entities such as Ping An Capital's parent fund, Singapore's TPC, and Schroders [1]. - The fund was registered with the Asset Management Association of China in March 2024, focusing on private equity investment and venture capital [1]. Group 2: Acquisition of Far East International - KKR has indirectly acquired 85% of Far East International through a newly established special purpose company [1]. - Far East International holds a market share of 5% to 10% in China's carbonated beverage market as of 2024 [2]. - The founder and chairman of Dayao Soda, Wang Qingdong, has a name that matches the director of Far East International, indicating a potential connection [2]. Group 3: Other Global Institutions in China - Other global investment institutions, such as Hines and Fanda, have also registered private fund management companies in China this year [3]. - The trend of foreign top institutions establishing a presence in China is becoming increasingly evident [3].