Chinese brewers droop as zero-COVID stance drives away drinkers

China Resources Beer Holdings

06/05/2022 04:48

** Shares of Chinese brewers fall sharply as Beijing decides
to stick with COVID-19 controls, weighing on demand outlook
    ** Mainland liquor index  .CSI399997  snaps a five-session
rally and falls 4% for steepest drop in more than a week    
    ** Shares in China Resources Beer Holdings Co Ltd  0291.HK 
fall 8% in steepest drop since mid-March. Budweiser Brewing
Company APAC  1876.HK  and Tsingtao Brewery Co Ltd  600600.SS 
 0168.HK  fall more than 6% each
    ** Kweichow Moutai Co Ltd  600519.SS  falls 2.6%, Jiangsu
Yanghe Brewery Joint-Stock Co  002304.SZ  slumps 4%
    ** Relaxing COVID controls will lead to large-scale
infections, Chinese state television reported on Thursday after
a meeting of the powerful Politburo  urn:newsml:reuters.com:*:nB9N2W400V 
    ** Zero-COVID and lockdowns in major cities hurt domestic
demand and bars' turnover, said Steven Leung at brokerage UOB
Kay Hian in Hong Kong
    

 (Reporting by Tom Westbrook)
 ((tom.westbrook@tr.com; +65 6973 8284;))