Simply put, Master Kong has acquired the Chinese branch of Pepsi. It can be interpreted in this way. Of course, the fact is that the acquisition is only Pepsi's right to operate in China. In addition to paying cash, the agreement should also allow Pepsi to take a reverse stake in Master Kong. So you can now understand that Pepsi and Master Kong in China are just 2 companies under the Tingjin system. Pepsi is still Pepsi and Tingjin is still Tingjin. The relationship is the same as Topjin is owned by Tingxin just like Tingyi.