CHINA: Major Tsingtao shareholder cuts holding
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.
A detailed market research report on the China East region beer industry. The report covers the total market (on- and off-premise) and includes valuable insight and analysis on beer market trends, bra...
Hats off the Sunday Telegraph for breaking the story today (9 December) that Diageo has been sniffing around Beam Inc....
- The End of the Road for International Beer Brands?
- Comment - Another One Bites Bacardi's Dust
- Allegro: The shape of things to come at Pernod?
- Pernod Ricard's FY Performance by Region, Brand
- US craft vodka puts squeeze on Pernod's Absolut
- Mast-Jägermeister targets UK off-trade boost
- Pernod bemoans tough FY as sales, profits drop
- ASA bans Jägermeister TV ad
- Bacardi announces CFO switch
- SABMiller exec to become CFO at Beam Suntory