(Yicai) July 18 -- When asked about the rumors that it was acquired by US private equity firm KKR, Chinese beverage brand Dayao Beverage reportedly refused to comment.

It is currently inconvenient to comment on this matter, Dayao told The Paper today.

According to official equity transaction information, the Chongqing Municipal Market Supervision and Administration Bureau approved KKR’s application to indirectly buy an 85 percent stake in Vista International through a special purpose vehicle.

Related documents show that Vista International owns a large beverage company in China, and its director is named Wang Qingdong, The Paper noted. It is believed that the firm in question is Dayao, as the name of the director is the same as that of its founder.

Dayao boasts annual sales of over CNY3 billion (USD417 million). Industry data indicate that the company occupies a 2.4 percent share of the Chinese beverage market, ranking third after Coca-Cola and Pepsi.

Editor: Futura Costaglione