Tsingtao Brewery Director Resigns, Triggering Board Committee Changes

An update from Tsingtao Brewery Co ( (HK:0168) ) is now available.

Tsingtao Brewery announced the resignation of independent non-executive director Sheng Lei Ming, who has served since June 2020 and is stepping down as his six-year term approaches under relevant regulatory requirements. Sheng is also resigning as chairman of the Nomination & Remuneration Committee and as a member of the Audit & Internal Control Committee, and he has confirmed there is no disagreement with the board or matters needing shareholder attention.

His departure leaves the Nomination & Remuneration Committee without a chair, putting the brewer temporarily out of compliance with Hong Kong listing rules that require this role to be filled by an independent non-executive director. The company plans to appoint a suitable replacement within three months to restore compliance and will issue a further announcement, while the board publicly thanked Sheng for his contributions during his tenure.

The most recent analyst rating on (HK:0168) stock is a Buy with a HK$67.00 price target. To see the full list of analyst forecasts on Tsingtao Brewery Co stock, see the HK:0168 Stock Forecast page.

More about Tsingtao Brewery Co

Tsingtao Brewery Company Limited is a major Chinese beer producer operating as a Sino-foreign joint stock company listed in Hong Kong. The group focuses on brewing and distributing beer and related beverages, serving both domestic and international markets under the well-known Tsingtao brand.

Average Trading Volume: 3,932,733

Technical Sentiment Signal: Buy

Current Market Cap: HK$82.97B

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