Coca-Cola China recentoy announced its intention to make a cash offer to acquire 100 percent equity interest of Xiamen Culiangwang Beverage Technology Co., Ltd., a producer of plant-based protein drinks sold in China. The company is owned by Hong Kong-listed China Culiangwang Beverages Holdings Ltd. The deal is valued at approximately US$ 400 million.

Headquartered in Xiamen, Fujian Province, Xiamen Culiangwang’s top-selling products include green bean, red bean and walnut variants of plant-based protein drinks sold under the brand China Green Culiangwang.

The proposed acquisition is in line with Coca-Cola China’s strategy to continue providing a diverse range of beverage products to Chinese consumers with plant-based protein drinks representing a growing beverage category in China.

An application will be submitted to the relevant government authorities for review.