China: Diageo’s Chinese ‘rival’ Kweichow Moutai achieves market cap past RMB600 bln
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 June 26, as its market cap surged past RMB600 bln, the Financial Times reported.
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 June 26 reached a market cap of RMB608.8 bln ($89 bln), compared to Diageo’s GBP58.3 bln ($74.2 bln).
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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