SABMiller's main overseas rival in China is Budweiser-owner Anheuser-Busch, which has a 27% stake in Tsingtao.

BBC: The Chinese beer industry is growing rapidly

Tsingtao rates only 34th among imported beers in the U.S., says Impact Databank.

FORBES: The long march to marketing

Tsingtao rates only 34th among imported beers in the U.S., says Impact Databank, with some 850, 000 cases shipped last year.

FORBES: The Challenge From China

However, the one brewery that stands apart from the pack is Tsingtao Brewery ( TSGTY) as it receives our most bearish Greatly Overvalued.

FORBES: Coming Up Cold On Beer Stocks

Anheuser-Busch has a 50% stake in top Mexican brewer Grupo Modelo and an agreement to eventually acquire 27% of Tsingtao, the largest brewer in China.

FORBES: Betting On The Vice Squad

Anheuser said this week that if it won, it would not combine Harbin with Tsingtao, China's largest brewer, in which it has a 9.9% stake.

ECONOMIST: Beer in China

In April, Xia changed her rating of Tsingtao from "sell" to "buy, " pointing to continued margin stabilization and lower tax rates benefiting the brewer in 2007.

FORBES: Magazine Article

In particular, Anheuser-Busch's non-controlling 27% stake in Tsingtao, a leading Chinese brewer, was largely liquidated in January after what is presumed to be pressure from the government.

ECONOMIST: Coca-Cola in China

That's one reason David Riedel of Riedel Research is recommending shares of Mexico's Grupo Modelo, brewer of Corona beer and distributor of Anheuser-Busch, Tsingtao and Carlsberg in Mexico.

FORBES

Xia is bullish on Tsingtao Brewery and China Life Insurance.

FORBES: Magazine Article

When Chiang Kai-shek retreated to what was then Formosa in 1949, his party was left with its sole holding on the island: a producer of rubber and explosives, whose main claim to fame was having once owned Tsingtao Beer.

ECONOMIST: Business and politics in Taiwan