Japanese beer brewer Asahi Group Holdings said on December 20 it would sell its entire 19.9 percent stake in China's Tsingtao Brewery Group Limited, partly to Fosun Group and some to Tsingtao itself, for a total of $937 million.

Asahi said in a statement in October it was considering the sale, its latest divestment from China's beer market as it seeks to expand its business in Europe and other Asian markets.

Fosun said the transaction was expected to close in the first quarter of 2018.

The move will make Fosun the second-largest shareholder of the country's largest beer manufacturer or 17.99 percent after Tsingtao Brew Co.

The decision to divest its stake in Tsingtao, which Asahi acquired in 2009 for around $666 million, follows the Japanese company's announcement in June to sell its 20 percent stake in China's Tingyi-Asahi Beverages Holding Co Ltd for $612 million.

The maker of Japan's best-selling beer, Asahi Super Dry, has been intensifying its focus on Europe, and bought a group of eastern European beer brands from Anheuser-Busch InBev late last year for 7.3 billion euros.

China is the world's largest beer market by sales. According to Kantar World Panel China, Tsingtao Beer tops the market share at 29.3 percent last year. The first three quarter of Tsingtao Brew this year has achieved revenue of 23.3 billion yuan and net profits of 1.87 billion yuan.