The TVCs, produced by BBDO, are part of the brands' latest campaign for the Chinese New Year.
The core idea behind the campaign, which runs across TVC, packaging and out-of-home, is a lion dance - an iconic Chinese ritual for the Chinese New Year celebration.
The TVCs, launched as trailers for a Pepsi mini movie, have different storylines and were shot by different directors, but at the same location. Both feature A-list pop idols, including Lee Hom Wong and Angela Cheung in the Lays' part, and Huang Xiaoming and Ethan Ruan in the Pepsi Cola's part.
Another pop star, Angelababy, stars in both ads. The ads are also creatively linked to blockbuster happy-new-year movie Super Happiness, also starring Angelababy.