On September 17, CR Enterprise announced that CR Snow Breweries, one of its subsidiaries, had completed the acquisition of the beer business of Kingway Brewery Holdings Limited.

CR Snow Breweries acquired the beer production, distribution and sales businesses of Kingway at a consideration of RMB 5.38 billion yuan, covering the loans, debts and related assets, including seven breweries of Kingway in Chengdu, Dongguan, Foshan, Shantou, Tianjin, Xi'an and Shenzhen, with a total annual production capacity of 1.45 million tons.

According to CR Snow Breweries, Kingway beer is well recognized by consumers for its good quality and enjoys a remarkable market share, sound distribution network and competent production equipment in China, especially in Guangdong Province. This successful transaction will help increase the production capacity and economies of scale of CR Snow Beer, further complete its distribution network in China and constantly promote the leading position of CR Snow Beer in the beer industry of China.

In 2012, the sales of Kingway Beer amounted to 804,000 tons, the consolidated revenues of more than $ 1.5 billion. Meanwhile, the beer business sales of CR Enterprise was 10.639 million tons, with a turnover of approximately HK$ 28.064 billion yuan and an annual capacity of approximately 18 million tons.