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Food & Beverage

Kweichow Moutai shares spill after Chinese state media attack

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

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

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.

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