HONG KONG: Tsingtao shares suspended from trading

By just-drinks.com editorial team | 9 November 2007

In a statement to the Hong Kong stock exchange, the Chinese brewer Tsingtao Brewery has said that trading in its H shares have been suspended today (9 November).

According to a company spokesperson, quoted by the Reuters news agency the brewer is "working on an important matter and should make an announcement on Monday."

Tsingtao is 27% owned by the US giant Anheuser-Busch Cos Inc .

Tsingtao Brewery has posted a huge leap in net profit in its third quarter.

In October the Chinese company reported that net profit in the three months to the end of September rose by 52.4% on the corresponding period a year earlier, reaching CNY328.6m (US$43.8m).

Separately, Tsingtao also said it plans to set up a brewing joint venture in Thailand, through a CNY40m investment. The funds will help Tsingtao acquire a 40% stake in the j-v, which will have an estimated annual production capacity of 800,000 hectolitres.

Sectors: Beer & cider

Companies: Tsingtao, Anheuser-Busch