December 21, 2017 / 1:34 AM / 2 years ago

Tsingtao Brewery's HK shares set to open 6 pct down as Asahi sells stake

HONG KONG, Dec 21 (Reuters) - The Hong Kong shares of Tsingtao Brewery Co Ltd are set to open down 6 percent on Thursday after a major Japanese shareholder reached deal to sell its entire stake in China’s second-largest brewer.

The stock is set to open at HK$37.60, the lowest opening since Dec 14. That compared with a 0.1 percent fall in the benchmark index.

Chinese conglomerate Fosun International Ltd is set to take a large chunk of Tsingtao after Asahi Group Holdings Ltd said it would sell its 19.9 percent stake for 106 billion yen ($937 million).

The sale price of HK$27.22 per share represented a 32 percent discount to Tsingtao’s last Hong Kong closing price of HK$40 on Wednesday.

Shares of Fosun are set to open up 1.9 percent.

Reporting by Donny Kwok

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