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Moutai’s charitable turn will be real market drag

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Kweichow Moutai’s mediocre third-quarter results shaved nearly $14 billion from its market cap. It is also giving handouts to local governments even as state investors dumped shares the company gave them. There’s probably more to come: ywchen1

Kweichow Moutai said on Oct. 26 its net profit grew by 11.2 billion yuan in the third quarter, up 6.9% from a year ago, missing analyst forecasts.

According to the company’s earnings report, one of the company’s biggest shareholders, Guizhou State-Owned Capital Management, reduced its holdings by nearly 16.8 million shares in the third quarter, raising over 28 billion yuan. The liquor company said in a separate statement on Oct. 26 its board of directors approved two proposals to donate up to 806 million yuan to local governments in its home province to improve the logistical and transportation capacity of the company.

 

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Reuters ywchen1 wow

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