Hong Kong: Tsingtao gets new direct parent in share reform, its shares soar to record high
Chinese beer maker Tsingtao Brewery Co. Ltd. said its controlling shareholder planned to transfer its entire 30.56 percent stake in the brewer to another unit as part of a share reform proposal, Reuters announced December 21.
Tsingtao said in a statement its controlling shareholder, state-owned Assets Supervision and Administration Commission of the People's Government of Qingdao, planned to transfer all of its 399.82 million Tsingtao shares to its wholly owned Tsingtao Brewery Group Co. Ltd. at nil consideration.
The transfer would strengthen the management and rationalise the title of those shares, the Chinese brewer said. It gave no further details.
Tsingtao's Hong Kong-listed shares soared as much as 23.4 percent to an all time high of HK$13.60 on Wednesday, tracking a jump in its Shanghai listed A-shares following a share reform announcement.
Shares in Tsingtao Brewery Co. Ltd. , a major Chinese beer maker, soared as much 14.3 percent to an all time high of HK$12.60 after its Shanghai listed A-shares jumped 22.7 percent following a share reform announcement.
The company said each A share will get 0.24 yuan in cash, in addition to 0.178777 shares.
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