British private equity firm Actis has invested $10m (£5.6m) in a Chinese Wolfberry wine firm, giving it a 30% stake, according to newspaper reports.

The Chinese company is currently leading the market in wine made from wolfberries, often used in Chinese medicine.

Actis hopes the wine, known as Ningxia Hong, will have sales of $30m to $40m this year.

The wine is sold mainly to supermarkets in China, including Wal-Mart, Carrefour, Lianhua and Home World. China Wolfberry made a profit of $5.4m on sales of $18.1m last year.