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To: elmatador who wrote (24501)	10/23/2002 10:34:02 PM
From: TobagoJack	Respond to of 74559

Hi Elmat, <<Communicating well and being assertive are not things that Asians excel at. Jay is an exception. But how many Jay's are around?>> I genuinely feel inadequate north of Hong Kong. Besides, the folks across the border know how to get the Americans to pay for investments in America;0) biz.scmp.com Thursday, October 24, 2002 Tsingtao will use Anheuser cash to expand in US BLOOMBERG in Shanghai Tsingtao Brewery, which purchased 45 smaller Chinese rivals in the past three years, may use some of a planned US$182 million investment by Anheuser-Busch to buy breweries in the United States. Tsingtao, China's largest brewer, would build plants, create new advertisements and buy rivals at home and abroad with the money, company secretary Zhang Ruixiang said. Anheuser-Busch on Monday promised to help Tsingtao find breweries to acquire. "We have been eyeing the US beer market but our sales there have been hampered by high transport costs," Mr Zhang said. Missouri-based Anheuser-Busch will help Tsingtao find smaller breweries in the US to acquire, he said. Having Anheuser-Busch as its second-biggest owner after the city of Qingdao may help Tsingtao expand sales beyond Chinatown restaurants in the world's biggest beer market. Anheuser-Busch's 27 per cent stake in Tsingtao, up from 4.5 per cent, will help it penetrate a market growing six times as quickly as the US. China's entry to the World Trade Organisation last year cleared the way for increased overseas investment. The announcement comes the same week as President Jiang Zemin is due to meet President George W. Bush at his Texas ranch. "Anheuser-Busch will be a lot of help to Tsingtao both financially and with new technical and marketing expertise," said Yao Li, Daiwa Asset Management fund manager, who may buy more Tsingtao stock to add to 250,000 shares in the Daiwa China Portfolio. Tsingtao will sell Anheuser-Busch, the world's largest brewer, US$182 million of bonds convertible into Hong Kong-listed Tsingtao shares over seven years. It receives US$116.9 million now, and the balance in 12 months. Tsingtao may not have wanted to add to the 4.5 billion yuan (about HK$4.2 billion) it owed on December 31. Its debt has grown a third each year since 1997 and its debt-to-equity ratio is four times that of Yanjing Brewery, China's second-largest brewer.