Despite speculation that it would be sold to a foreign bidder, Jianlibao, one of China's largest beverage companies, has sold the majority of its shares to a Chinese investment group, the Zhejiang International Trust and Investment Company. Zhejiang will pay 338m yuan (US$40.9m) for a 75% stake in Jianlibao, currently owned by the Guangdong Province's Sanshui municipal government, and will also take on debts worth 1.5 billion yuan (US$181.3m).