Kweichow Moutai sells high-end baijiu, a distilled Chinese liquor spirit made in the town of Maotai in China’s Guizhou province. Maotai is known as the ‘No. 1 National Liquor of China’ as it is commonly served at lavish state banquets or presented as a diplomatic gift to government officials. Practically everyone drinks this in large-scale events and it can be seen as a status symbol in China’s culture.

Kweichow Moutai is also partially state-owned by Kweichow Moutai Group (60% direct interest), which in turn is owned by the Guizhou Provincial People’s Government. In 2017, Maotai overtook Diageo (Johnnie Walker, Smirnoff, Baileys and etc.) to become the world’s most valuable liquor company by market cap.

In 2020, Maotai’s market cap hit a record high of US$220 billion, doubling that of Diageo’s US$76 billion market cap. Additionally, it is also the first Chinese stock that sees its share price crossing above