China brewer Kweichow Moutai tops RMB600bn in market value
Source: FT
by: Tom Hancock
June 26, 2017
Chinese alcohol brewer Kweichow Moutai, which in April steamed past Johnnie Walker-brand owner Diageo Plc. to become the world's most valuable liquor-company by market capitalisation, passed another barrier on Monday, as its market cap surged past RMB600bn.
The manufacturer of the fiery grain-based liquor baijiu, which is listed in Shanghai, has been making share price gains for a year and on Monday reached a market cap of RMB608.8bn ($89bn), compared to Diageo's GBP58.3bn ($74.2bn).
Moutai's fortunes have been boosted by a rise in luxury goods buying and the return of boozy business drinking after a years-long government crackdown - and the animal instincts of Chinese retail investors flocking to the stock. Nearly all of Moutai's sales are domestic.
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