China’s liquor giant Moutai falls after corruption claims
The claims about the distiller’s high-priced products being used for bribery wiped $25bn from its value
16 July 2020 - 17:15
Hong Kong — Kweichow Moutai fell the most in nearly two years after the influential People’s Daily took aim at the high price of the liquor it makes, saying the alcohol was often used in corruption cases.
Moutai, China’s biggest domestically listed company, tumbled 7.9% in its worst decline since October 2018, wiping out a record $25bn of value. Moutai’s products are often involved in the country’s official corruption cases and used for bribery given their high prices, according to a commentary carried by a WeChat account owned by the People’s Daily...
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