Tsingtao Brewery's ambition to capture solid market share in the United States could take up to five years to materialise despite bringing in the world's largest brewer as a substantial shareholder, say analysts. However, the market welcomed Anheuser-Busch increasing its stake in Tsingtao from 4.5 per cent to 27 per cent after subscribing HK$1.41 billion worth of convertible bonds issued by China's largest brewer. Tsingtao shares jumped 4.2 per cent to HK$3.72 when it resumed trading yesterday after a two-day suspension. Nomura International (Hong Kong) analyst Phoebe Wong said: 'I do not see the deal having a short-term impact on Tsingtao's profitability. 'Tsingtao is still far behind the local brands in the US and needs about four to five years to build up its brands. But its long-term prospects are positive.' The profit forecasts for Tsingtao might need a slight adjustment for the next two years following the deal, she said, adding that the increase in cash flow could help relieve its interest expenses. Sun Hung Kai Research analyst Maggie Choi said about 80 per cent of the US beer market was dominated by three local brands, including Anheuser-Busch, and that it would not be easy for a foreign brand to penetrate. She said Tsingtao would receive about HK$900 million from the sale of the first two tranches of convertibles to Anheuser-Busch before the middle of next year. Tsingtao company secretary Zhang Ruixiang earlier said the company would build plants, create advertisements and acquire rivals at home and abroad with money from that sale. Ms Choi expected the deal would help improve Tsingtao's technology know-how.