Shares in Tsingtao Brewery, China's largest beer producer, surged as much as 23.41 per cent to a record HK$13.60 before sliding back to close up 21.42 per cent at HK$13.38 yesterday. The sharp gains came after the brewer announced that under a reform of its share structure, 24 fen in cash and 0.178777 of a share would be awarded to A-share holders for each share they own.