The company took an 874-million-euro write-down from the decline in valuation of its stake in China Resources Beer, whose share price has fallen on the Hong Kong stock exchange.
Heineken acquired 40 percent of the holding that controls CR Beer in 2018, but its effective stake in CR Beer stands at around 20 percent.
The Dutch group said in its earnings report that the drop in CR Beer's share price was possibly due to "concerns on the macroeconomic environment in China and its impact on consumer demand".
China, the world's second biggest economy, has encountered severe headwinds in recent years, as a heavily indebted property sector, sluggish consumption and high youth unemployment weigh on confidence.
Heineken shares fell by more than eight percent on the Amsterdam stock exchange's blue-chip AEX index in mid afternoon trade.
Despite the loss, Heineken chief executive Dolf van den Brink said the Dutch company "delivered a solid first half of the year".
Global beer volumes rose by 2.1 percent, while Heineken brand sales were up nine percent in the first six months of the year, the Amsterdam-based brewer said.
Sales topped 17.8 billion euros, up 2.2 percent, and were driven by Heineken's largest operating companies in Nigeria, Mexico, Brazil, Vietnam and India.
Heineken's operating profit, however, fell by 4.3 percent to 1.5 billion euros.
The company announced it will issue an interim dividend of 0.69 euros per share on August 8.
Heineken estimated growth in operating profit between four and eight percent for the full year, but added it would continue a cost-savings exercise targeting some 500 million euros.
A large proportion of the savings will be invested into marketing and sales, Heineken said, notably in Brazil, India, Mexico, Vietnam and South Africa.
It also warned that volatility in the markets, especially in Africa and the Middle East remained a "reality" as consumer confidence snaked below average.
"There is a risk of material currency devaluation in Ethiopia and hyperinflation in Nigeria and Egypt," Heineken warned.
"We are confident we are able to adapt, yet this continues to bring some short-term uncertainty," Heineken said.
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