Beijing Yanjing Brewery, China’s third-largest brewer, has raised US$164 million through a private share sale, Bloomberg reported. According to a statement issued to the Shenzhen Stock Exchange, the company sold 110 million new shares at RMB10.20 (US$1.49) each. This represents a 21% discount on the stock’s closing price on December 12. Yanjing’s state-owned parent bought 88.3 million shares with the remainder purchased by three investment companies. The proceeds will be used to finance production expansion.