London (CNN Business) Anheuser-Busch InBev (BUDFF)is running into trouble in China.

The world's largest brewer on Friday downgraded its annual earnings outlook after weak sales in China and the United States hurt profit growth in the third quarter.

Anheuser-Busch InBev raised roughly $5 billion last month in an IPO of its Asia business that touted future growth in the region, but signs of weakness in China sent its stock listing in Brussels down 10% on Friday and wiped out roughly $16 billion in market value.

The brewer of Budweiser and Stella Artois said in its earnings statement that listing its Asia Pacific business in Hong Kong provided a platform for buying opportunities, and that the unit was "positioned to expand across the fastest growing markets in the region."

Nokia NOK Renault RNLSY But economic growth in China is at its lowest level in nearly three decades and consumer spending is faltering, putting a number of Western companies that sell goods and services there, such asand, under pressure.

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