Tsingtao Brewery has bought a 39% stake in the joint venture owned by fellow Chinese brewer Yantai and Japanese brewer Asahi.

Tsingtao has bought 37% of the venture's shares from Asahi and 2% from Yantai, according to a statement distributed by Yantai in China this week and seen by just-drinks.

Financial details of the deal were not disclosed.

The move will see the venture renamed as Yantai Beer Tsingtao Asahi Co. Tsingtao will have the second largest stake, while Asahi will take 51% of the business and Yantai the remaining 10%, according to the statement.

More than 100 people attended a special signing ceremony earlier this week, involving Yantai chairman Qu Jiguang, Tsingtao beer president Sun Mingbo and Asahi president and CEO Kouichi Ikeda.

Tsingtao, which takes its name from its home city of Quingdao, is 27%-owned by US brewer Anheuser-Busch, itself set to be fully acquired by Belgian brewer InBev.