Tsingtao Brewery Co. shares fell, set for the biggest decline in more than a year, in Hong Kong after the Chinese beermaker’s third-quarter net income missed analysts’ estimate.
The stock fell 7 percent to HK$40.60 as of 2:52 p.m. local time. The company’s Shanghai-listed shares dropped 1.9 percent to 33.55 yuan.
Third-quarter net income fell 0.9 percent to 674.2 million yuan from a year earlier. Heather Hsu, an analyst at Samsung Securities Asia Co., cut the target price on the shares to HK$53.56 from HK$57.53 and maintained a “buy” on the stock.