CHINA: Chongqing Brewery to keep chairman
Chongqing Brewery's shares have clawed back some ground from a two-year low after its shareholders voted to bring in independent auditors.
At a meeting held yesterday (7 February), Chongqing Brewery stakeholders backed a motion to employ accountancy group Beijing Yongtuo to monitor its performance. Shareholders also voted against a motion to sack the Chinese brewer's chairman, Huang Minggui, it said in a stock filing.
Chongqing Brewery's share price rose by 5.5% today, following its announcement. However, its share price is still down by almost two thirds versus three months ago.
In January, Chongqing Brewery's shares were suspended from trading following a series of heavy price losses. Investor confidence was initially shaken by disappointing results from the trial of a new hepatitis B drug, conducted by the group's biotech arm, Chongqing Jiachen Biotechnology.
Carlsberg is the largest individual Chongqing Brewery shareholder and has a 29.7% stake in a beer joint-venture with the firm. The operate the joint-venture in China along with Chongqing Light Textile Holdings Co, which has an 18.58% share in the venture.
Using Pete Brown's analogy - more of which follows - the craft brewers of this world are the Gorky's Zygotic Mynci to Anheuser-Busch InBev's U2, or the Ramona Falls to Carlsberg's Coldplay. Confused? ...
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