China beer shares surge on report prices have been boosted

Hong Kong

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 per cent.

Tsingtao surged as much as 23 per cent in Hong Kong on Friday before paring gains, while China Resources Beer (Holdings) Co climbed as much as 12 per cent. Beijing News earlier reported that Tsingtao and other breweries have raised prices on some products by 10 to 20 per cent due to higher raw material and labour costs.