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.