British beverage maker Diageo announced that China’s sovereign wealth fund, China Investment Corporation (CIC), has taken a 1% stake in the firm, Forbes reported. Although the firm did not say how much CIC had paid, the stake is valued at US$367.8 million at current market prices. The investment follows Diageo’s recent expansion drive in China where it is playing catch-up to its French rival Pernod-Ricard. In 2007, Diageo purchased a 43% stake in white wine producer Sichuan Chengdu Qianxing, which it later increased to 49%. In June of the same year, Diageo also announced that it was partnering with another alcoholic beverage firm, Shui Jing Fang, to launch Shanghai White vodka in Hong Kong.