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Diageo forms JV with China's Yanghe to launch whiskey for Chinese consumers

British alcoholic beverage maker Diageo PLC formed a joint venture with Chinese distiller Jiangsu Yanghe Brewery JSC Ltd. to launch a new whiskey crafted for Chinese consumers.

The Zhong Shi Ji whiskey, which was developed by blenders and distillers from Scotland and China, is the pilot drink of the new JV called Jiangsu Yanghe Diageo Spirit Co. Ltd., according to an April 19 release.

The companies did not disclose the ownership structure of the new entity.

Diageo and Yanghe aim to capitalize on China's position as the world's largest total beverage alcohol market, delivering retail sales value of $178 billion annually, Diageo said, citing data from spirits, wine and beer industry analyst IWRS.