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Cao Li

Chinese liquor stocks jumped on Thursday ahead of Lunar New Year, with retailers reportedly building inventories of spirits typically consumed at family reunions and corporate banquets.
Shares of Kweichow Moutai – China’s best-known baijiu maker and the most valuable stock on the mainland market – climbed more than 9 per cent in afternoon trading to 1,445 yuan, their highest level in over a month.
The stock closed the session 8.6 per cent higher at 1,437.72 yuan.
Smaller peers also rallied, with Jinhui Liquor and Jiugui Liquor both rising by their 10 per cent daily limits to close at 21.54 yuan and 56.85 yuan, respectively.
“The main driver was a sharp rise in Kweichow Moutai, the sector bellwether, which lifted other liquor names,” said Kenny Ng Lai-yin, a strategist at Everbright Securities International. “Moutai’s wholesale prices have been hitting new highs recently, pointing to strong industry conditions, particularly as demand typically picks up ahead of the Lunar New Year.”
Data from liquor price-tracking platform Jinri Jiujia showed that this year’s Flying Fairy – a core Moutai product line – was selling at about 1,610 yuan (US$231) per bottle, up roughly 5 per cent from a week earlier.
Analysts said the sector could also draw support from relatively low valuations and Beijing’s renewed push to stimulate consumption.
Kweichow Moutai shares remain about 45 per cent below their 2021 peak of 2,627.88 yuan, having been under pressure from softer consumer spending and anti-corruption measures that curbed lavish official banquets.
Authorities have stepped up pro-consumption messaging as economic growth slows. The Ministry of Commerce said this week it would continue rolling out policies to support spending, particularly in services.

A recent HSBC report said additional public holidays and policy support for tourism and catering could aid a recovery in dining-related demand, benefiting baijiu and beer producers through both higher consumption and favourable base effects.
Chinese billionaire and investor Duan Yongping recently commented on the stock price of Kweichow Moutai, saying “it’s really not expensive”, according to Chinese state media.
“If we look back in 10 years’ time, Moutai at today’s price is actually quite a bargain,” he was quoted as saying by Shanghai Securities News.
Market participants also linked Thursday’s gains to signs of a policy shift in China’s property sector.
Wang Qi, chief investment officer at UOB Kay Hian’s private wealth management division in Hong Kong, said baijiu sales were closely tied to business entertainment, which had historically been driven by real estate-related activity.
Property stocks in both mainland China and Hong Kong on Thursday rallied alongside liquor shares, with several developers posting strong gains on the day. Recent official commentary, meanwhile, has called for stronger efforts to stabilise the property market.
On January 1, Qiushi, China’s top party journal, published an opinion piece calling for an all-out effort to stabilise the sector.
State-backed developer China Vanke this week received temporary relief from its debt burden, as its major shareholder Shenzhen Metro came to its rescue, promising to lend it up to 2.36 billion yuan.
On Wednesday, Chinese media Cailianshe reported that regulators were no longer requiring many developers to submit their monthly “three red lines” metrics that gauged interest-bearing debt levels.
China introduced these metrics in 2020 to curb excessive borrowing by developers, leading to a property downturn that has continued to weigh on everything from consumption to employment.
Shares of Chinese developers listed in Hong Kong and the mainland also surged on Thursday. Grandjoy, the property arm of state-owned conglomerate Cofco, climbed 10 per cent to close at 3.73 yuan, its highest in more than a year.


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Spirits rise as baijiu shares rally on Lunar New Year demand

China’s high-powered liquor stocks are often seen as a litmus for other sectors, in particular property. Photo: Xinhua

Analysts said the sector could also draw support from relatively low valuations and Beijing’s renewed push to stimulate consumption. Photo: Shutterstock

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With liquor stocks viewed as a barometer of real estate-linked business activity, the rally reflects renewed hopes for the property sector


With liquor stocks viewed as a barometer of real estate-linked business activity, the rally reflects renewed hopes for the property sector.


Spirits rise as baijiu shares rally on Lunar New Year demand

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}With liquor stocks viewed as a barometer of real estate-linked business activity, the rally reflects renewed hopes for the property sector

With liquor stocks viewed as a barometer of real estate-linked business activity, the rally reflects renewed hopes for the property sector