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Cornerstone Blog Fosun Buys Chinese Baijiu Maker for $694 Million in Local Pivot

Fosun Buys Chinese Baijiu Maker for $694 Million in Local Pivot

January 6, 2021 by Cornerstone International Group Leave a Comment

Fosun International Ltd. is acquiring a controlling stake in Sichuan Tuopai Shede Group Co.,

boosting its presence in the coveted baijiu liquor sector as the Chinese

conglomerate led by billionaire Guo Guangchang pivots inward for growth.

Fosun will buy a 70% stake in the liquor and spirits maker for 4.53 billion

yuan ($694 million) in cash, the company said in a Dec. 31 exchange filing.

This is the second such investment in 2020 by the Fosun Group after it

bought a 30% stake in another maker of the fiery wine —

a hot favourite in China — in July.

Read the full article here…

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Filed Under: Cornerstone Blog Tagged With: #chinabusiness

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