NEWS
KWEICHOW MOUTAI LOOKS SET TO LOSE MOST VALUABLE CHINESE COMPANY STATUS
By Tony Zhu
25-6-2024
Source: Christie's
Leading Chinese baijiu brand Kweichow Moutai looks set to lose its crown as China’s most valuable company after suffering a 13 percent slump in share prices this year.
The poor performance in share price has reduced Kweicow Moutai’s market capitalization to RMB1.88 trillion (USD260 billion).
The company’s share performance is affected by a continuous decline in Moutai’s wholesale prices since start of the year against a backdrop of slower than expected economic recovery in China.
As prices for Moutai’s flagship products hit an all-time low this month, Bloomberg said foreign investors have been offloading Moutai shares, with their ownership dropping to the lowest level since January.
China’s biggest lender Industrial and Commercial Bank of China (ICBC) will highly likely regain the top market cap crown which it lost to Kweichow Moutai in 2020.
ICBC’s share prices surged 15 percent on lower interest rates that allow wider profit margins for Chinese banks.
(the writer can be contacted at: info@thewinechronicle.com)
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