Chinese demand for bottled water: China is another big market for bottled water with about 50 billion liters of total annual consumption in 2020. 
The limited public confidence in drinking water quality along with rapid urbanization, growing disposable income, and adoption of healthy lifestyles are guiding Chinese preferences towards the consumption of premium water and foreign brands.

Let’s look at one Chinese brand: Nogfu Spring.

A listed Chinese Beverage company is valued with an EV/Sales(X) of 19,78 while

Coca-Cola stands at EV/Sales(X) 7,81,

Keurig Dr. Pepper Inc. at EV/Sales(X) 4,98, and

Pepsi Co. at EV/Sales(X) 3,25.

The data are from 2019 to exclude external effects. I am happy to provide more insights and while it is really worth having a closer look at Chinese Brands.