China Beer Shares Surge on Report Prices Have Been Boosted
- Tsingtao’s stock soars as much as 23 percent in Hong Kong
- Breweries have raised prices due to higher costs, report says
Bottles of Tsingtao beer are for sale at the Tsingtao Brewery Co. museum in Qingdao, China, on Monday, Aug. 16, 2010.
Photographer: Doug Kanter/Bloomberg
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Tsingtao Brewery Co. led a jump in Chinese beer stocks, surging the most in more than a decade, after a report beermakers have increased prices by as much as 20 percent.
Tsingtao surged as much as 23 percent in Hong Kong Friday before paring gains, while China Resources Beer (Holdings) Co. climbed as much as 12 percent. Beijing News earlier reported that Tsingtao and other breweries have raised prices on some products by 10 to 20 percent due to higher raw material and labor costs.