Tsingtao Brewery Co., Ltd. (00168) dropped nearly 3%, falling 2.38% to HK$39.42 as of press time, with turnover of HK$117 million.

On the news front, Tsingtao Brewery previously released its interim results, with first-half revenue of RMB19.655 billion, down 4.08% year-on-year; net profit attributable to shareholders of the listed company was RMB3.92 billion, a slight increase of 0.4%; product sales volume was 4.5 million kiloliters. Return on equity (weighted) was 12.02%, down 6.09% year-on-year.

Citi believes that considering the mainland China beer industry's peak season growth in the second to third quarters was weaker than expected, the bank has lowered its sales forecasts for Tsingtao Brewery for this year and next by 6% and 7% respectively, and its net profit forecasts by 2% and 5% respectively.