China’s second most valuable listed company, Kweichow Moutai at $315bn, is no tech stock. It is a hot stock nonetheless. This leading maker of baijiu — a local liquor known as China’s firewater — has proven one of the most lucrative businesses and local investments in the past decade.
That record did nothing for rival ZJLD’s Hong Kong listing on Thursday. Yet, its flop should not have surprised anyone.
With an alcohol content of as high as 60 per cent by volume, baijiu is China’s most popular liquor and amazingly accounts for a third of global alcohol sales. KKR-backed ZJLD had high hopes because it was the first Chinese baijiu maker to list outside the mainland markets.
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