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Food & Beverage

Fosun picks up Asahi's stake in Tsingtao as it turns to food, beverages

Shares of Shanghai-based buyer spike, while Chinese brewer dips to reflect discount

A shelf full of Tsingtao beers is a common sight at Chinese supermarkets.

TOKYO -- Japanese beverage company Asahi Group Holdings will unload its entire stake in Tsingtao Brewery to Fosun International and others, having failed to leverage its capital tie with China's second-largest beer producer.

The move gives Fosun a stake in an age-old Chinese brand and marks its biggest foray into the food and beverage sector to date.

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