Changyu FY results buoy investors

Wine maker Changyu's strong results in 2008, coming as it does in the midst of a global downturn, has buoyed domestic investors.

Changyu, which was supposed to release its 2008 results on Friday, was forced to release the numbers yesterday to correct UK-based Canadean's claim that Changyu had become the No 7 wine producer in the world.

Canadean, the world's leading beverage researcher, had ranked the Chinese wine maker higher from its No 10 ranking earlier, based on its projection of Changyu's revenue of $890 million for 2008.