Chinese backer of Australian wine group nursing big losses

The acting chief executive of struggling wine group Australian Vintage, Peter Perrin,  says building exports to China is a key part of revival plans, as one of its China-based large shareholders nurses losses of $7 million after a share price dive.

Mr Perrin said Australian Vintage, which sells brands including McGuigan, Tempus Two and Nepenthe, had an export business to China which made up 10 per cent of total sales before tariffs were imposed by authorities in Beijing in late 2020.