China: While Tsingtao Brewery (0168.HK) continues to be top player in China, with market share of 12.7%, its lead over peers narrowing due to opponents' "more aggressive expansion," says DBS Vickers; adds CB conversion by Anheuser-Busch means valuation "getting even richer" due to dilution. Cuts stock from hold to fully valued, fair value HK$7.70. Stock down 1.2% at HK$8.20, adding to 2-day 1.8% post-results slide, Dow Jones Newswires communicated on April 14.

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