Changyu Wine announced it plans to transfer 30-40% of its state-owned shares to overseas investors to spur its domestic and international brand development. The Yantai, Shandong province-based winemaker is listed on Hong Kong and Shanghai exchanges and began state-owned share transfers to overseas investors in 2003. The company is currently 53.8% state-owned. Changyu officials said France-based Castel has existing collaborations with Changyu and is a favored candidate for a large-scale share purchase deal.
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