Mr. Yu Zhuming, the Executive Director, CFO, and a member of the Strategy and Investment Committee of Tsingtao Brewery, has resigned with effect from 21 Jun 22 due to retirement.
Mr. Hou Qiuyan has been appointed as the new CFO. Hou served as the Assistant to the President and Head of Financial Management of Tsingtao Brewery, with extensive experience in manufacturing, sales and financial management in the brewery industry. Hou is also being nominated as a candidate of Executive Director.
Additionally, Mr. Jiang Zongxiang has been appointed as the President of the company and being nominated as a candidate of Executive Director. Jiang was the Vice President of Tsingtao Brewery, with a good amount of experience in strategic planning and investment management in the brewery industry.
The position of President had been vacant since Feb 2020 following the resignation of former President Mr. Fan Wei. While we do not expect significant changes in the company’s strategies and operations, we believe the new appointment of Jiang should further support a better execution of Tsingtao Brewery’s ongoing premiumisation and expansion strategies in China.
Coupled with the easing situation of COVID-19 resurgence in China, we believe Tsingtao Brewery should stage sequential sales improvement in 2H22.
Our current rating is BUY for both H/A share, with TPs of HK$88.91/RMB96.20.
