Tsingtao shares fall on stake sale

The mainland's Tsingtao Brewery Co's shares fell as much as 6.38 percent on Thursday in Hong Kong - the most in almost two years - after Japanese brewer Asahi Group Holdings Ltd agreed to sell its stake in the company to conglomerate Fosun International Ltd.

Asahi Group Holdings said on Wednesday it would sell its entire 19.9 percent stake in Tsingtao Brewery Group Ltd, partly to Fosun and partly to Tsingtao itself, for a total of $937 million.

Analysts have mixed views on the deal. Lincoln Kong from Goldman said Tsingtao would see benefits from collaboration with Fosun in areas including export business, premium branding and management incentives.