Chinese premium alcohol brand Kweichow Moutai has cemented its position as the world’s second-most-valuable liquor company, thanks to a recovery in sales of high-end drinks after a slump due to a government crackdown on corruption.

Shanghai-listed Moutai’s market capitalisation of Rmb420bn ($60.5bn) is not far off the ￡53bn ($65bn) of UK drinks group Diageo, which owns the Smirnoff and Johnnie Walker brands, and is almost double Constellation Brands’ $30.8bn. Moutai’s stock rose 53 per cent in 2016, lifting its market cap by Rmb146bn.

The brand is a household name in China for baijiu, a grain-based alcohol favoured by government officials, traditionally served at banquets and a popular gift. Bottles perched atop golden cloth in the cabinets of a Moutai shop in Shanghai are as highly priced as they are highly alcoholic: one variety sells at Rmb9,999 for a two-pint bottle.