HONG KONG, Jan 5 (Reuters) - Tsingtao Brewery Co Ltd , the maker of China’s best known Tsingtao beer, said on Friday it has raised product prices by up to 5 percent, in a bid to offset pressure from higher costs of production and raw materials.
The price increase is only on some of its products, the Chinese brewer said in a filing to the Hong Kong stock exchange during lunch break.
Shares of Chinese brewers surged on Friday on media reports that brewers including Tsingtao and China Resources Beer , have raised some product prices from Jan. 1 citing rising costs of materials, labour, transportation and for environmental protection.
Hong Kong shares of Tsingtao jumped as much as 23 percent to HK$51.70, the highest since June 2015, before paring gains to HK$45.95 in early afternoon trade.
Rival China Resources Beer, the owner of Chinese beer brand Snow, soared as much as 11.8 pct to HK$31.30, a record high, before paring gains to HK$30.15.
Smaller rivals Beijing Yanjing Brewery surged 6.75 percent, while Chongqing Brewery rose 6.25 percent.
Reporting by Donny Kwok; Editing by Biju Dwarakanath