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CHINA: Tsingtao and Suntory China Investment form JV

Tsingtao Brewery signed an agreement with Suntory China Investment to form a sales joint venture, reports China Securities Journal.

In a statement issued to the Shanghai stock exchange in June, Tsingtao said that the company, which is the second largest brewery as measured by production volume in China, has already signed an agreement with Suntory China to form two joint ventures to manufacture and distribute beer in Shanghai and Jiangsu.

The business joint venture will be built based on Tsingtao Brewery Shanghai Songjiang, a wholly-controlled subsidiary of Tsingtao Brewery. This joint venture will be in charge of planning, branding, development, promotion, production, and procurement in Shanghai and Jiangsu.(bmg)