China Resources buys $818 million stake in Fen Wine

China’s Shanxi Xhinghuacun Fen Wine Factory Co Ltd has confirmed that its shareholder, the Fen Jiu Group, has signed an agreement to sell an 11.45 percent stake in the company to top beer maker, China Resources.

The stake is valued at 5.16 billion yuan ($819.26 million), the company said in a statement to the Shanghai Stock Exchange on Sunday.

Shanxi Xhinghuacun Fen Wine Factory Co Ltd is a major producer of the Chinese liquor, baijiu.