Local reports out of China this week have claimed that Tsingtao Group is going to switch ownership of Baotuquan Beer internally.

Citing a statement from Tsingtao Group on Wednesday (19 July), reports from the country have said that the parent company will sell Baotuquan to Tsingtao Brewery Co. for CNY9m (US$1.3m).

In June, Tsingtao Group purchased Baotuquan from Shandong Commercial Group for CNY250m.

Tsingtao Group controls 31.4% of Tsingtao Brewery, with Japanese company Asahi holding a 19.9% stake in the brewer. Asahi acquired the stake from Anheuser-InBev earlier this year. A-B InBev still holds a 7% stake in Tsingtao Brewery.

Earlier this month, Tsingtao Brewery posted a healthy jump in profits for the first half of this year.