This morning (4 November), PepsiCo announced the sale of its bottling operations in China to Tingyi (Cayman Islands) Holding Corp in exchange for a stake in the noodle and soft drinks maker’s business. Here, just-drinks takes a closer look at the China-based company.
- Tingyi (Cayman Island) Holding is a wholly-owned subsidiary of Ting Hsin International Group, controlled by Taiwanese billionaire Wei Ing-Chou. The company produces and distributes instant noodles, soft drinks and snacks under the Master Kong brand.
- The company was listed on the Hong Kong Stock Exchange in 1996. In the six months to the end of June, Tingyi Holding recorded a rise in net profits of 16% to US$229bn. Soft drinks sales increased by 58% year-on-year.
- In June, Master Kong was labelled the second most valued brand in China, after Sony, according to market research firm TNS.
- Tingyi-Asahi, a joint-venture between Tingyi Holdings, Asahi Group and Ting Hsin (Cayman Islands) Holding, sells ready-to-drink tea, bottled water and juices in China. It will become PepsiCo’s franchise bottler in China under the new alliance.
- Tingyi Holding will make, sell and distribute PepsiCo’s CSD and Gatorade brands through the deal. The company will also co-brand its juice products under the Tropicana brand on licence from PepsiCo.
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