China's Kweichow Moutai, the world's top liquor company by market capitalisation, has fallen victim to concerns about slowing Chinese consumption after lower than expected revenue growth led to a sell-off which cut its valuation by $10bn in a day.
Fears that more modest economic growth and a deepening trade war with the US are hitting consumer spending in the world’s second-largest economy were underlined last week when the company reported its worst quarterly profit growth in three years.
But analysts say that the company’s 3.2 per cent revenue growth reflects political pressure on it to control prices, rather than a slump in Chinese consumer demand for high-end liquor.
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