【导读】KKR旗下私募投资实体的首只在岸人民币基金落地，淡明资本、安耐德和范达等全球顶级投 资机构纷纷布局中国业务 此前，重庆市市场监督管理局官网6月20日发布的《KKR公司收购远景国际有限公司股权案》显示， KKR通过其新设特殊目的公司Dynamo亚洲控股Ⅱ私人有限公司，间接收购远景国际有限公司85%的股 权。 资料显示，远景国际主要业务为饮料，2024年，其在中国境内碳酸饮料市场的份额在5%～10%区间。 远景国际的董事名为"WANG,QINGDONG"，和大窑汽水创始人兼董事长王庆东的拼音拼写相同。 天眼查App信息显示，内蒙古大窑饮品有限责任公司成立于2016年，由大窑嘉宾饮品股份有限公司 100%持股，大窑嘉宾饮品股份有限公司由上海蒙清企业管理有限公司持股78.7459%。 大窑汽水创始人兼董事长王庆东持有上海蒙清企业管理有限公司85%的股份，是大窑饮品的实际控制 人，股权穿透后的持股比例为67.984%。 见习记者储是 近日，KKR旗下境内私募投资实体开德时璞（上海）私募投资基金合伙企业（有限合伙）（以下简称 开德时璞〔上海〕）首只在岸人民币基金正式落地。全球顶级投资机构纷纷行动，在华布局的群体性 ...

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].

天眼查App显示，近日，天津卓信企业管理有限公司发生工商变更，注册资本由约1.33亿人民币增至约26.07亿人民币，增幅约1859%。 该公司成立于2024年8月，法定代表人为大窑汽水创始人王庆东，经营范围包括企业管理、企业管理咨询、信息咨询服务等。股东信息显示，该公司由大窑 香港有限公司全资持股。 | | 食公司 都在用的商业查询工具 | 童老板 查关系 音风险 | | | | | --- | --- | --- | --- | --- | --- | | | 家中小企业发展了其余旗下机构 | 天津卓信企业管理有限公司 | 8 天眼一下 | 器应用 · | 商务合作 : | | 基本信息 19 | 法律诉讼 | 经营风险 | 经营信息 15 | 公司发展 | 知 | | 工商信息 ● | ◎ 查看工商快照 | | | | | | 企业名称 | 天津卓信企业管理有限公司 | | | | | | 法定代表人 | 1 王庆东 器关联企业 11 | 登记状态(7 | 存续 | | 天眼评分 1 | | | | 成立日期 | 2024-08-27 | | | | 统一社会信用代码 1 | 91120116MADXB5 ...

Core Viewpoint - The domestic soda brand "Dayao" is rumored to be facing acquisition by foreign investors, highlighting the challenges faced by local soda brands amid market dominance by giants like Coca-Cola and Pepsi [3][4][13]. Group 1: Company Performance - Dayao achieved annual revenue exceeding 3.2 billion yuan in 2023, significantly outperforming regional competitors [4]. - The market share of Dayao has shown a gradual increase, from 2.28% in 2023 to 2.42% in 2024, and further to 2.64% in the first half of 2024 [4]. - Dayao's pricing strategy, with a 520ml bottle priced at 4.58 yuan, positions it competitively against other brands [5]. Group 2: Market Challenges - Despite being the third-largest player in the market, Dayao's market share remains low at 2.42%, overshadowed by Coca-Cola and Pepsi's combined market dominance of nearly 90% [2][11]. - The carbonated beverage market is declining, with ready-to-drink tea surpassing it as the leading category, and functional drinks gaining traction [2][17]. - Consumer preferences are shifting away from carbonated drinks due to health concerns, with a growing inclination towards sugar-free options [23][24]. Group 3: Industry Dynamics - The overall beverage market has seen growth, with a total value of 304.1 billion yuan in 2023, but carbonated drinks are losing their leading position [17]. - The reliance of carbonated drinks on dining establishments is significant, with 78.4% of sales coming from this channel, which is currently facing a decline [19]. - The average dining price has decreased, indicating a challenging environment for carbonated beverage sales in restaurants [20][21].

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]

Core Viewpoint - The sale of the domestic soda brand "Dai Yao" to the American private equity giant KKR has sparked public outrage and disappointment, as the founder Wang Qingdong previously vowed not to sell to foreign investors [1][3][21] Company Background - Wang Qingdong, the founder of Dai Yao, started his journey by selling soda from a tricycle, targeting a significant market gap for non-alcoholic beverages during dining occasions [5][7] - Dai Yao quickly gained popularity with its unique positioning as a beer alternative, achieving annual sales of 3.2 billion yuan and becoming the third-largest player in China's carbonated beverage market [7][12] Market Challenges - The brand has faced challenges due to changing consumer preferences towards healthier, low-sugar options, while Dai Yao's traditional recipes still rely heavily on sugar and additives [9][12] - The iconic glass bottle packaging, while cherished locally, has become a burden for national expansion due to high transportation costs and complex recycling processes [11][12] Acquisition by KKR - KKR's acquisition of an 85% stake in Dai Yao represents a shift towards a more aggressive business strategy, focusing on restructuring and maximizing company value [1][16] - KKR is known for its efficient capital management and has a history of transforming companies like Mengniu and ByteDance, which may lead to significant operational changes at Dai Yao [16][18] Future Implications - The acquisition may bring in much-needed capital for production upgrades and broader distribution, but it could also result in the loss of the brand's original identity and emotional connection with consumers [18][20] - The potential replacement of traditional packaging and recipes to align with modern health trends raises questions about the future of the brand's unique appeal [18][23]

Core Viewpoint - The company "Dai Yao" has chosen to sell itself to KKR, a prominent American private equity firm, rather than pursuing an IPO in Hong Kong, marking a significant shift from its previous stance against foreign acquisitions [1][8]. Group 1: Company Overview - "Dai Yao" is recognized as a leading domestic beverage brand in China, with a market share of 2.64% in the carbonated drink sector as of the first half of 2023, positioning it as the third-largest player in the market [7]. - The company achieved a revenue of over 3.2 billion yuan in 2023, indicating strong growth and market presence [7]. - The founder, Wang Qingdong, initially rejected acquisition offers and expressed a commitment to maintaining the brand's independence [1][8]. Group 2: Market Context - The Chinese beverage industry has a history of local brands being acquired by foreign companies, often leading to their decline or disappearance from the market [2][5]. - Major players like Coca-Cola and PepsiCo dominate the carbonated beverage market, controlling approximately 90% of the market share [7]. - The competitive landscape has intensified, with many domestic brands facing challenges in differentiation and market expansion [17]. Group 3: Acquisition Details - KKR is set to acquire an 85% controlling stake in "Dai Yao," while the founder will retain a 15% minority stake [8]. - The decision to sell comes after unsuccessful attempts to secure funding or pursue an IPO, with previous valuation discussions indicating a high asking price that deterred potential investors [7][19]. - The acquisition by KKR is seen as a strategic move that could either enhance "Dai Yao's" market position or lead to challenges regarding control and market dynamics [21].

Core Insights - The acquisition of 85% stake in Dayao Soda by KKR marks a significant turning point for the brand, which has previously resisted foreign investment [2][3] - Dayao Soda's management has stated that their national and youth-oriented strategies will remain unchanged, focusing on long-term brand development and consumer needs [2] - The shift in Dayao's stance towards accepting foreign investment is attributed to the urgent need for national expansion and competition against major players like Coca-Cola and Pepsi [2] Company Summary - KKR will gain absolute control over Dayao Soda post-acquisition, which is expected to lead to a stronger focus on the soda business and accelerated national expansion [3] - The acquisition raises questions about consumer loyalty and the potential impact on Dayao's brand identity as it transitions from a domestic to a foreign-controlled entity [3] - Dayao Soda's reliance on the restaurant channel poses challenges for expanding into the retail market and adapting to health trends [3] Industry Summary - This acquisition could reshape the domestic soda industry landscape, with Dayao potentially challenging the market dominance of Coca-Cola and Pepsi [3] - The involvement of KKR may facilitate the integration of other regional soda brands, influencing the overall market dynamics in the coming years [3]

Core Viewpoint - The article discusses the significant shift of the domestic soda brand Dayao from a nationalist stance of "never selling to foreign capital" to allowing an 85% stake acquisition by the American private equity giant KKR, highlighting the survival challenges faced by domestic beverage brands in the competitive market [2][5][16]. Group 1: Company Overview - Dayao, originating from Inner Mongolia, has achieved remarkable growth, with annual sales reaching 3.2 billion yuan, primarily through a differentiated strategy of large glass bottles and catering channels [4][6]. - The brand's pricing strategy, offering a 520ml bottle for 5-6 yuan, has made it popular in restaurants, contributing to over 85% of its revenue from small and medium-sized dining establishments [6][7]. - In 2022, Dayao's market share in the domestic sugary soda market reached 2.42%, ranking third after Coca-Cola and Pepsi [7]. Group 2: Reasons for Capital Acquisition - Dayao faces multiple development bottlenecks, including the need for significant investment to expand its production capacity in southern China, with a single production line in Shaanxi costing 1.26 billion yuan [10]. - The brand's reliance on a single product line, primarily orange-flavored soda, poses risks as consumer health awareness rises, limiting growth potential [11]. - The pressure from capital markets and competition from giants like Coca-Cola and Pepsi has made the acquisition by KKR appealing, providing immediate funding and resources [13][14]. Group 3: Post-Acquisition Changes and Continuities - After the acquisition, KKR will hold 85% of Dayao, potentially leading to strategic shifts while the existing management retains some operational control [15]. - KKR may accelerate Dayao's penetration into southern markets and integrate regional brands to create a more comprehensive national network [15]. - The brand is expected to innovate its product line, focusing on healthier options and possibly expanding into new categories like ready-to-drink tea [15]. - There is potential for KKR to facilitate Dayao's future IPO or attract additional strategic investors, ensuring ongoing financial support [15]. Group 4: Industry Implications - Dayao's transition reflects broader challenges faced by domestic soda brands, which often struggle with scale, funding, innovation, and distribution [16]. - The acquisition by KKR may signal the beginning of a consolidation trend among domestic beverage brands in the context of global capital dynamics [16]. - The article raises questions about consumer acceptance of Dayao as a foreign-controlled brand and the balance between capital empowerment and brand localization [17][18].

Group 1: Financing Activities - Guangdong Orange Emperor Health Management Co., Ltd. completed a 10 million yuan angel round financing to enhance its internet hospital platform, expand health product supply chain, and promote brand chain store development [1] - Corn Technology Co., Ltd. announced the completion of Series A financing to drive technological innovation and market expansion for its fresh corn juice products [2] - Chengdu Fenglan Times Catering Management Co., Ltd. secured 50 million yuan in Series A financing to deepen supply chain construction, accelerate store expansion, and invest in product development [3] - Lingjing AI completed several million yuan in angel round financing to accelerate the development of multi-modal generation architecture in the AI animation field [4] - Yingmu Technology completed over 150 million yuan in B+ round financing to focus on next-generation product development, AI core capability construction, and offline scene expansion [5] Group 2: Company Developments - The acquisition of 85% equity of Dayao Soda by KKR has progressed, with the transaction expected to start this year, potentially leading to national and international expansion [6][7] - Dayao Soda's operational team remains stable, and its nationalization and youth-oriented strategies will continue unchanged post-acquisition [7] - Dayao Soda has established over a thousand national distributors and a million retail terminals across 31 provinces, indicating a strong market presence [8] Group 3: Market Trends - Douyin has denied plans to enter the takeaway market, focusing instead on in-store services, as its takeaway business has faced challenges compared to established competitors [9] - ByteDance refuted claims regarding the sale of TikTok's U.S. operations to Oracle-led consortium, with ongoing negotiations requiring government approval [10] - Xiaohongshu has rebranded its slogan to emphasize community and interests, aiming to enhance user engagement and growth [11] - Xiaohongshu announced the creation of "RED LAND," an open-world adventure event targeting gaming and anime enthusiasts, reflecting its commitment to the two-dimensional market [13] - Sweet Lala launched a new fruit and vegetable tea series in collaboration with Giant Network's game IP, focusing on health and affordability [14] Group 4: Industry Insights - The "2025 China Online Retail Top 100" report indicates that 25 consumer goods companies achieved double-digit growth, with total online sales reaching 2.17 trillion yuan, a 13.6% increase [15] - The summer box office has reached 3.5 billion yuan, showing a lukewarm performance compared to other entertainment sectors [16] - In June, 33 Chinese game companies collectively earned 1.76 billion USD, with Diandian Interactive maintaining a strong position in global mobile game revenue rankings [17] - The takeaway battle has driven significant sales growth for both restaurant and instant retail brands on platforms like Taobao, with many brands reaching historical sales peaks [18]