Chinese food company Tingyi (Cayman Islands) Holdings Corp has had JPY43.5bn (US$521.6m) of cash injected into it from Asahi Breweries, according to Nikkei reports.

The move comes after Asahi transferred part of its stake in Tingyi-Asahi Beverages Holdings to Chinese food company Ting Hsin Group in late September – the parent company of Tingyi (Cayman Islands) Holdings.

The Japanese firm paid US$520m for 6.54% of Ting Hsin, and followed the divestment of 8% of Tingyi-Asahi to Ting Hsin for the same amount.

As part of the deal, Asahi formed a business and capital alliance with Itochu Corp, which currently holds a stake in Ting Hsin outstanding shares, for the development of food businesses in the markets of Greater China.