Tsingtao's third-largest shareholder, billioniare Chen Fa Shu, has netted HKD1.5bn (US$192m) from a selldown of his shareholding in the brewery, according to local reports. 

Chen, chairman of New Huadu Group, a diversified investment conglomerate, and China's 18th richest man, has sold 32m H-shares at HKD47 to HKD48.55 apiece in the company, according to China Business Newswire.

Chen now holds 59.61m shares in the brewer after the sale. 

Tsingtao’s stock tumbled 7.1% to HKD46.95 (US$6.02) earlier this week, after the move was announced. 

Earlier this month, Tsingtao announced it has entered into two joint venture agreements with Suntory Holdings  to boost its “competitiveness” in the beer markets of Shanghai and neighbouring Jiangsu province.