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Trading in shares of Chinese brewer Tsingtao got frothy on Thursday as the stock rose 5.6 per cent following reports Danish beer maker Carlsberg A/S is considering buying a 20 per cent stake in the company from Asahi Group Holdings.
Carlsberg is said to be working with an adviser on a possible bid for the stake in Tsingtao held by Asahi, according to a report by Bloomberg.
Hong Kong shares in the Chinese brewer rose to HK$36 on the news, their highest level since November 2015. Tsingtao’s shares in Shanghai rose as much as 3.1 per cent on the reports.
The report of Carlsberg’s interest comes after Asahi’s Akiyoshi Koji said in an interview in January the company would consider its options on its stake in the Chinese brewer this year. Asahi entered a strategic cooperation with Tsingtao in 2009.
The benchmark Hang Seng China Enterprises index is up 1.44 per cent, while the Shanghai Composite Index is up 0.4 per cent.
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