Investment bank JP Morgan has lowered its rating on the Chinese brewer Tsingtao, blaming an unexciting near-term future.

The brewer, which is partially-owned by Anheuser-Busch, has been downgraded to "neutral" from "overweight".

In a research note, analysts from JP Morgan said that a technology improvement programme from Anheuser-Busch will not yield meaningful benefits until 2006.