Chongqing Brewery Surges on Profit Growth, Vaccine Plan
Chongqing Brewery Co. (600132), part owned by Carlsberg A/S (CARLB), rose the most in almost three months in Shanghai trading after profit growth accelerated and it said it’ll continue investing to develop a hepatitis B vaccine.
The beer maker rose by the 10 percent daily limit to 20.92 yuan, the highest one-day percentage gain since May 29. China’s benchmark Shanghai Composite Index dropped 0.4 percent to the lowest level since March 2009.
Chongqing Brewery gained 3.9 percent on Aug. 17 after reporting an 11.6 percent increase in first-half profit the night before. That compared with a gain of 6.8 percent in the first quarter and a 57.6 percent drop for 2011. The beermaker, based in the western municipality of Chongqing, also said it plans to invest an additional 10 million yuan ($1.6 million) on a hepatitis B vaccine project started in 1998.
The shares fell 6.4 percent on May 31 after the company announced it was halting development of the vaccine. Chongqing Brewery generated more than 90 percent of revenue from beer and less than 1 percent from medicines last year, according to data compiled by Bloomberg.
To contact Bloomberg News staff for this story: Raymond Liu in Beijing at firstname.lastname@example.org