Asahi looks for China beer exit after Tsingtao disappointment
Sources say it's in early stages of plan to sell Tsingtao holding
Hong Kong
FOR A foreign brewer hoping to gain an edge in the Chinese market, it seemed like the ideal alliance: Japan's largest beermaker teaming up with one of China's premier brands. Yet, Asahi Group Holdings Ltd's 2009 purchase of a minority stake in Tsingtao Brewery Co did not produce the opportunities that the Tokyo company hoped.
Eight years later, Tsingtao still does not sell Asahi's flagship Super Dry lager in China. On top of that, Tsingtao now faces more competition from foreign brands and local craft beers, crimping profits.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google, US clash over search advertising as trial winds down
Apple rallies most in 18 months on upbeat forecast, buyback
US: Wall St opens sharply higher on soft jobs data
HSBC has no plans to dispose of further businesses, chairman says
Glencore Group nears deal for Shell’s Singapore oil refinery
Chinese share of French EV market slumps after incentives curbed