On March 13, a joint announcement from the disciplinary inspection and supervision teams stationed at Kweichow Moutai Group Co., Ltd. and the Zunyi Municipal Commission for Discipline Inspection revealed that Jiang Yan, a member of the Party Committee, Vice President, Chief Financial Officer, and Board Secretary of Kweichow Moutai Co.,Ltd., is under investigation for suspected serious disciplinary and legal violations.
On the same day, Kweichow Moutai issued an announcement stating that the company operates in strict compliance with laws, regulations, normative documents, and its articles of association, including the Company Law, Securities Law, and Corporate Governance Guidelines. The company confirmed that its directors and other senior management are performing their duties normally, and production and operations remain orderly. The announcement emphasized that the matter will not significantly impact the company's production and management. Currently, Chairman Chen Hua is temporarily assuming the responsibilities of the Board Secretary.
As a leading A-share liquor company and a benchmark for trillion-yuan market capitalization, Kweichow Moutai has consistently been a focus of anti-corruption efforts in recent years.
According to information from the Guizhou Provincial Commission for Discipline Inspection website, Yuan Renguo, former Deputy Party Secretary and Chairman of Moutai Group, was investigated in May 2019 and sentenced to life imprisonment in September 2021 for accepting bribes exceeding 112.9 million yuan. Gao Weidong, former Party Secretary and Chairman of Moutai Group, was investigated in May 2022 and received a first-instance life sentence in February 2024 for受贿 approximately 110 million yuan, with prominent issues of irregular decision-making and利益输送 during his tenure. Ding Xiongjun, former Party Secretary and Chairman of Moutai Group, was investigated in January 2025, falling from grace only about seven months after leaving Moutai, becoming the third consecutive top leader of the company to be implicated.
The scope of investigations into senior management continues to widen. According to reports from the Guizhou Provincial and Zunyi Municipal Commissions for Discipline Inspection, Tan Dinghua, former Vice President and CFO of Kweichow Moutai, was investigated after retiring in March 2016 and expelled from the Party with revoked retirement benefits for using his position to benefit suppliers through受贿. Zhang Jiaqi and Li Mingcan, former executives of Moutai Group and its listed company, were simultaneously investigated in July 2020 for suspected serious disciplinary and legal violations. Wang Chonglin and Ma Yupeng, former Chairman and General Manager of Moutai Sales Company respectively, were investigated for受贿; Nie Yong, former Chairman of Moutai E-commerce Company, was investigated for利益输送 through e-commerce channels.
Beyond senior management, subsidiaries and key grassroots positions within the Moutai Group have also been included in the investigation scope. Zhou Zhenggan, Deputy General Manager of Moutai Group Technical Development Co., Ltd., was investigated in September 2025; Yu Yanghong, former General Manager of Zunyi Moutai Airport, was investigated in July 2025; Deng Jie, Deputy Director of the Planning and Construction Department of Kweichow Moutai, was investigated in January 2026 for issues in the engineering construction sector.
As of the market close on March 13, Kweichow Moutai's share price stood at 1,413.64 yuan per share, up 1.55%, with a total market capitalization of 1.77 trillion yuan.
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