Wine maker eyes Evergrowing slice

Wine maker Yantai Changyu Pioneer Wine Co Ltd, on Friday said it was spreading its wings to the financial sector by acquiring a 5 percent stake in Shandong Evergrowing Bank for 1.02 billion yuan.

Changyu will buy 340 million new shares issued by Evergrowing Bank, at a price of 3 yuan per share, the Shenzhen-listed company said.

The bank's board of directors are expected to take a decision on the deal within a month. If the deal is finalized, Changyu will end up with a 5 percent stake in Evergrowing Bank.