By Jiahui Huang
Kweichow Moutai’s shares jumped after the Chinese liquor maker said it will raise the ex-factory prices of some products.
Its Shanghai-listed shares were up 6.5% at 1,793.47 yuan ($245.14) early Wednesday, on track for their biggest one-day percentage rise since November 2022. Shares were up 4.0% on year.
Other baijiu, or Chinese liquor, stocks also advanced on the Chinese mainland stock exchanges. Wuliangye Yibin was up 2.9% and Shanxi Xinghuacun Fen Wine Factory gained 2.4%.
The upswing came after Kweichow Moutai, one of China’s largest liquor makers, said late Tuesday that it will increase the ex-factory prices of its products with 53% alcohol by an average 20%. Ex-factory prices are the prices of products before they leave the factory.
“The adjustment does not involve the market guidance price of the company’s products,” the company said in a stock exchange filing.
Earlier last month, Kweichow Moutai posted a 16% on-year rise in net profit for the third quarter, driven by strong revenue growth.
The liquor maker’s year-to-date revenue is at CNY103.27 billion, up 18% on year, marking the first time its nine-month revenue has surpassed CNY100 billion.
Write to Jiahui Huang at [email protected]
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