China's No 2 brewer acquires Zhejiang brewer

Mainland brewer China Resources Breweries (CRB) purchased Zhejiang Qianpi Group, Zhejiang province's largest brewer, bringing the firm closer to the brewing capacity of industry leader Tsingtao Brewery. CRB's acquisition of a 70% stake in Zhejiang Qianpi raises CRB, China's second-largest brewer by sales volume, to a total annual brewing capacity of 4.56 million kiloliters, inching closer to Tsingtao's estimated five million kiloliters. China Resources Enterprise holds a 51% equity stake in CRB, the remainder is held by SABMiller. The acquisition is CRB's first in southeastern China. The company holds 29 breweries in China's northeast, southwest and central regions.