Budweiser Brewing Co APAC will step up promotion of premium beer brands including Hoegaarden and Corona and expand non-beer offerings, betting a rising middle class will boost demand for higher-end products, its chief executive said on Thursday.

The Hong Kong-listed Asia arm of Anheuser-Busch InBev (ABI.BR) reported a 63.7% rise in first-quarter revenue, with total volume up 64.6%, driven by strong consumption over the Lunar New Year holiday and a low base for comparison due to the COVID-19 outbreak early last year.

Budweiser APAC (1876.HK) shares surged more than 8% on Thursday after posting its results.

Revenue doubled in China from the same period last year and grew by double digits compared to the first quarter of 2019. Revenue generated from premium brands increased by high double digits year on year, it said.

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