The exhibition area of Chinese winery Yantai Changyu Wine Co at an international wine fair in Shanghai, Nov 20, 2017. [Photo/IC]

Chinese winery Yantai Changyu Wine Co has set up a joint venture company named L&MHOLDINGS in France, marking a further step in its expansion into overseas markets, according to an announcement on March 20.

The newly established company is being seen as an important measure by Changyu to boost the amount of imported wine from France and give expanded access to high-quality resources.

The cooperation between the well-known winery in France, the most influential and largest source of wine imports for China, is seen as being conducive to promoting the influence of the Changyu wine brand on the international stage.

The joint venture gives Changyu more room to control risks as business partners on both sides will share the benefits and risks together and is likely to be the main method of overseas expansion for Changyu according to its announcement.