Kweichow Moutai shares spill after Chinese state media attack

Liquor distiller's fall of 7.9% weighs down Shanghai market

20200716 Kweichow Moutai

Xuexi Xiaozu criticized Kweichow Moutai in relation to scandals involving its former chairman and heated speculation on its sorghum-based liquor. © Reuters

KENJI KAWASE, Nikkei Asian Review chief business news correspondent

HONG KONG -- Kweichow Moutai, the most valuable company listed in mainland China, took a hard spill on Thursday after coming under criticism by an affiliate of the Communist Party's flagship newspaper.

The state-owned white liquor producer, which just over three weeks ago overtook Industrial and Commercial Bank of China in market capitalization, dropped 7.9% in Shanghai trading to close at 1,614 yuan.

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.