Tsingtao Brewery announces new chairman

Tsingtao Brewery Co Ltd, China's second-largest brewer by volume, has announced a new chairman to replace Jin Zhiguo who has resigned for health reasons.

Jin has been replaced by president Sun Mingbo, but will remain as honorary chairman and chief adviser. The company has also appointed Huang Kexing as its new president.

Trading in H shares of Tsingtao were suspended from 9 am on Wednesday amid speculation about the chairman.

Jin was first elected Tsingtao's president in 2001, and had been chairman since 2008.

Tsingtao, founded in 1903 in Qingdao, East China, now has 56 breweries across the country, according to its website.

Its net profits rose to 1.74 billion yuan ($275.90 million) in year ending December 2011, as revenues increased from 16.4 percent to 23.16 billion yuan.