Chinese Liquor-Maker Briefly Surpasses Value of World’s Largest Bank

Caixin Global | Jun 3, 2020 at 9:45 PM
  • Kweichow Moutai Co. Ltd. surpassed Industrial and Commercial Bank of China Ltd. (ICBC) to become the most valuable company listed on the Chinese mainland in Tuesday’s trading session, as investors showed strong interest in the liquor maker after it posted solid earnings despite the coronavirus pandemic.
  • Moutai’s market capitalization rose to nearly 1.8 trillion yuan ($252.9 billion) on Tuesday morning as shares soared, overtaking ICBC, the world’s largest bank by assets, taking the throne as the most valuable of more than 3,800 companies listed in Shanghai and Shenzhen, although the company fell back to second place later that day.
  • What’s the background: Demand for the luxury liquor produced by Moutai remained strong in the first quarter this year.