Fosun International Ltd. is acquiring a controlling stake in Sichuan Tuopai Shede Group Co., boosting its presence in the coveted baijiu liquor sector as the Chinese conglomerate led by billionaire Guo Guangchang pivots inward for growth.
Fosun will buy a 70% stake in the liquor and spirits maker for 4.53 billion yuan ($694 million) in cash, the company said in a Dec. 31 exchange filing. This is the second such investment in 2020 by the Fosun Group after it bought a 30% stake in another maker of the fiery wine — a hot favorite in China — in July.
