In 1997, ChangYu Group, as the sole sponsor, restructured the assets of its four wine-making subsidiaries (brandy, wine, sparkling wine and the health wines branch) and five other branches engaged in associated businesses to IPO the Yantai ChangYu Pioneer Wine Company Ltd (SSE: YCPWCL) on the Shenzhen Stock Exchange by issuing 140 million state-owned shares and 88 million B shares, therefore becoming the first listed winery in China. In October 2000, the company was able to successfully reissue 32 million A shares.