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Coca-Cola Femsa, a subsidiary of Femsa, is the largest franchise bottler of wide-moat Coca-Cola in volume terms. The company purchases beverage concentrates and syrup from Coca-Cola, which it then processes and packages for distribution through modern trade, traditional trade and the on-premises channel. Mexico and Brazil make up 80% of total sales, with the rest from other Central and South American countries, including Panama, Guatemala, Uruguay, and Argentina. Parent Femsa and Coca-Cola hold 47% and 28% of economic interests in Coca-Cola Femsa, through nonpublicly traded A and D shares, respectively, while controlling 56% and 33% of the respective voting power.
Tencent Music is the largest online music service provider in China. It was founded in 2016 with the business combination of QQ Music (founded in 2005), Kuwo Music (founded in 2005) and Kugou Music (founded in 2004) streaming platforms. Tencent is the largest shareholder of TME with over 50% shares and over 90% voting rights held. TME also provides social entertainment services, including music live audio/video broadcasts and online concert services through the three platforms mentioned above, and online karaoke through an independent platform WeSing.