China: Diageos 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 worlds 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 Diageos GBP58.3 bln ($74.2 bln).
Moutais 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 Moutais sales are domestic.