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📢 文末扫码进裙，免费领取双语精读版 Who shaved $250bn from Kweichow Moutai’s market value? The Economist Business 27 June, 2024 | 662 words | ★★ ★ ☆ ☆ The role of Kweichow Moutai in Chinese society is complex. The state-owned company’s fiery, translucent baijiu is by far China’s favourite booze. It is one of the country’s oldest brands. Vintage cases fetch tens of thousands of dollars. In 2021 it was briefly worth a throat-scorching $500bn and in 2022 it eclipsed Tencent, a digital giant, to become for a time the most valuable Chinese listed company. Yet the most recent slide in the company’s share price, which is down by 14% since early May. Its revenues grew by nearly a fifth in the first quarter, year on year, to 46bn yuan ($6bn). Net profit jumped by 16%, to 24bn yuan. Its margins remain as eye-watering as its booze. What is going on? The mystery of Moutai has captivated equity analysts, businesspeople and baijiu aficionados alike. Two colou
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