Jug of Tsingtao beer
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Tsingtao: 20 years after Hong Kong listing

17 July 2013 Last updated at 00:13 BST

This week marks the 20th anniversary of the first overseas listing by a Chinese company.

Tsingtao Brewery debuted on the Hong Kong Stock Exchange on 15 July 1993.

The hope at the time was that a wave of new listings would mark the start of China's financial opening up to the world.

But, as our Hong Kong correspondent Juliana Liu reports, the reality may have fallen short of expectations.