This was scaled down, as a result of the lacklustre performance of the Chinese stock markets, and the government's desire to see savings channelled into bonds. Tsingtao's profits are forecast to rise to Yn193m (Dollars 33m) this year from Yn44m in 1992.
Tsingtao was one of an initial list of nine state-owned companies selected for an overseas listing, all of which are now trading in Hong Kong.
'Chinese companies suffer from the big is beautiful problem,' says Mr Meocre Li, a partner with accountants Arthur Andersen, adviser to Tsingtao Brewery. Attitudes differ too.