China Resources, parent of China Resources Enterprise (0291.HK), will form a local joint venture with Japanese firm Kirin Brewery (2503.TYO, KNBWY.NASDAQ), Reuters reported, citing the Nikkei Business Daily. China Resources, along with SABMiller (SAB.LSE, SAB.JSE) is the maker of "Snow" beer, China’s top beer brand. Under the new joint venture, Kirin will tap into China Resources’ domestic sales network to promote its popular "Ichiban Shibori" beer, among other brands. China Resources, meanwhile, will outsource some of its production line to Kirin. The two firms are still in negotiations on terms such as capitalization and equity stakes, but the venture may be formed this year. Kirin’s move is the latest among several Japanese beer producers seeking to expand outside of Japan’s lagging domestic market.
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