(Yicai Global) Jan. 12 -- Yantai Changyu Pioneer Wine Co., China's oldest winery, has replaced its chairman, 70-year-old Sun Liqiang, who is succeeded by Zhou Hongjiang, the company's ex-general manager.

The 120-year-old Changyu [SHE:000869] announced the switch in a press release on Jan. 10. Born in 1964, Zhou, has worked for the vintner since 1988 and served as general manager of a Changyu sales unit. He also acted as general manager and vice chairman of the board before his ascent to the chairmanship. Sun Jian, former vice general manager, will replace Zhou as general manager.

Sun served as Changyu's board chairman since its 1997 listing. He reorganized its equity system by transferring shares to foreign investors in 2004. He thereafter embarked on the firm's global expansion in 2013, buying vineyards in France, Spain and Chile.

Changyu bought a combined 80 percent stake in Australian winery Kilikanoon Estate Pty Ltd. for AUD21 million (USD15.75 million) this month. Its vineyard lies in Western Australia's famed Clare Valley wine region.