S B Warburg downgrades partial H shares to "selling"

S B Warburg said as partial local banks are cautious about the amount of loans to mainland and Taiwan stock investors, the total turnover is comparatively less than that of 1997. At present red chips account for 10% and state-owned stocks account for 12-13% of total turnover. So S B Warburg downgrades partial low-quality H shares to "selling", which includes Tsingtao Brewery (0168). But the downgraded stock still plays strong performance. Tsingtao Brewery (0168) went up by 6.98 to close at HK$3.45 at midday.

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