Deals
Tsingtao Discount Shows Firm Competition in China Beer Scene
- Asahi to sell stake in Tsingtao to Chinese conglomerate Fosun
- Tsingtao will continue to lose market share: Goldman’s Kong
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Tsingtao Brewery Co.’s shares headed for their biggest decline in almost two years after Asahi Group Holdings Ltd. agreed to sell its stake in the Chinese beermaker at a 32 percent discount.
Japan-based Asahi will sell its 20 percent holding to Fosun International Ltd. and Tsingtao for HK$27.22 a share, compared with Wednesday’s closing price of HK$40 per share. Tsingtao stock dropped as much as 7 percent to as low as HK$37.20 Thursday, still well above the sale price. Fosun shares rallied 8.7 percent, the most since Oct. 25.