Chinese beer giant Tsingtao has been hit by a significant drop in its stock price following a viral video showing one of its employees engaging in an unsanitary act at a brewery.
The video, which surfaced on Weibo on October 19, displayed an employee at a Tsingtao brewery in Qingdao city urinating into a malt container. The disturbing footage quickly gained tens of millions of views and sparked widespread public disgust.
Local authorities initiated an investigation into the incident, and Tsingtao responded by acknowledging the video and reporting the matter to the police. However, the damage to the company's reputation had already taken its toll on the stock market.
Watch the video below, or click here to watch it on IG:
Tsingtao's share price dipped by 1% on the Shanghai Stock Exchange immediately after the incident, and the decline deepened to 7.5% a few days later on October 23.
Moreover, the incident has raised concerns in markets with strong import links, casting doubts on the safety and cleanliness of foodstuffs imported from China. Tsingtao, known for its beer production, is now faced with a significant setback in the wake of the employee's actions and the subsequent stock price drop.
Whew. That's a mess.
Source: The Sun Daily
