Deals
Asahi Looks at China Beer Exit After Tsingtao Disappointment
- Tsingtao faces competition from foreign rivals, craft beers
- Japanese brewer could sell Tsingtao stake to invest in Europe
Asahi Calls Last Drinks on Tsingtao
This article is for subscribers only.
For a foreign brewer hoping to gain an edge in the Chinese market, it seemed like the ideal alliance: Japan’s largest beermaker teaming up with one of China’s premier brands. Yet, Asahi Group Holdings Ltd.’s 2009 purchase of a minority stake in Tsingtao Brewery Co. didn’t produce the opportunities the Tokyo company hoped.
Eight years later, Tsingtao still doesn’t sell Asahi’s flagship “Super Dry” lager in China. On top of that, Tsingtao now faces more competition from foreign brands and local craft beers, crimping profits.