Fosun buys Chinese baijiu liquor maker for $694m in local pivot

Fosun buys Chinese baijiu liquor maker for $694m in local pivot

A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo

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.