Core Viewpoint - The domestic soda brand Dayao is undergoing a significant capital change, with KKR set to acquire 85% of its shares through Vista International, marking a shift from its previous stance of rejecting foreign investment [1][2][3]. Company Summary - Dayao's founder Wang Qingdong previously declared a firm stance against selling to foreign investors, emphasizing a commitment to maintaining the brand's national identity [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, which operates in the beverage sector in China [3][4]. - The acquisition is seen as a response to Dayao's need for greater financial support to compete with giants like Coca-Cola and Pepsi, particularly in expanding its market presence and product lines [7][8]. Industry Summary - The acquisition will likely reshape the competitive landscape of the soda market in China, increasing pressure on regional brands such as Ice Peak and North Ice Ocean to consolidate or seek strong capital partners [9][10]. - KKR's involvement is expected to enhance Dayao's operational efficiency, focusing on core business areas and expanding its market reach, especially in southern China [9][10]. - The shift in ownership from a domestic to a foreign entity raises questions about consumer perception and loyalty towards Dayao as a "national soda" brand [10].