KKR's acquisition of Dayao's equity may have been approved: holding 85% of the shares.

The American private equity firm KKR has entered the domestic beverage market. The official website of the Chongqing Market Supervision Administration shows that in the "List of Cases of Concentrations of Operators unconditionally approved from June 30, 2025 to July 6, 2025," the case of KKR's acquisition of equity in Horizon International Limited is listed. The case was concluded on July 4, 2025. Many details indicate that the operating entity behind Horizon International is Dayao Drinks. Previously, several media outlets reported that KKR would acquire 85% of the shares of Dayao Soda, with the founder of Dayao possibly retaining a minority stake. The disclosure states that KKR, through its newly established special purpose company Dynamo Asia Holdings II Private Limited, indirectly acquires 85% of the equity in Horizon International Limited. Horizon International, through its affiliate companies, is mainly engaged in the beverage business in China.