30 August, 2006

Hong Kong: Tsingtao Brewery shares trading suspended

Trading in shares of Tsingtao Brewery Co. Ltd. was suspended August 29, the Hong Kong exchange said, Reuters released August 29.

A company executive told Reuters that the suspension was pending a price-sensitive announcement from Tsingtao's largest shareholder, Qingdao State-owned Assets Administration Office. No further details were immediately available.

Its Shanghai-listed A-shares were also suspended. Tsingtao Brewery's Hong Kong-listed shares closed down 0.66 percent August 28 at HK$9.00.

The company posted a 22.5 percent rise in first-half earnings after the market closed August 28 as surging sales in the fast-growing mainland market helped offset fierce competition.

Tsingtao, which is 27 percent-owned by top U.S. beer maker Anheuser-Busch Cos. Inc., is relying on growth of its flagship brand to help lift prices and margins in a country where a 640 ml bottle -just over a pint - can cost only 12 U.S. cents.

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