An experienced state-owned enterprise leader from the 1970s generation has been appointed to lead Wuliangye Yibin Co.,Ltd. (Wuliangye).
On the evening of June 8th, Wuliangye Yibin Co.,Ltd. announced the addition of Deng Min as a candidate for non-independent director. Upon approval at the shareholders' meeting scheduled for the end of June, he will officially assume the role of chairman.
This appointment concludes a 103-day leadership vacuum at the top of the distiller, which began in February when the former chairman, Zeng Congqin, was placed under investigation.
Deng Min, aged 56, is a local state-owned enterprise cadre from Yibin with a background spanning the chemical, textile, and capital operations sectors. His cross-industry appointment to lead Wuliangye Yibin Co.,Ltd. during a challenging period is expected to present significant tests.
Some distributors have expressed concerns, with one noting the sharp decline in Wuliangye's product prices and hoping the new chairman will prioritize channel management to ensure profitability for distributors and franchise stores.
Background in Chemicals
On June 8th, Deng Min made his debut as the Party Committee Secretary and Director of the Wuliangye Group at a company-wide cadre meeting.
Born in 1970 in Hejiang, Sichuan, Deng Min holds a Master's in Business Administration from Renmin University of China and is a senior engineer and senior professional manager.
His core career experience is primarily with Tianyuan Co., Ltd., a key Yibin municipal state-owned enterprise with a market capitalization of approximately 7.2 billion yuan.
Deng Min began his career in 1991 at the Yibin Tianyuan Chemical Plant, one of China's earliest chlor-alkali chemical enterprises. Starting as a grassroots technician, he progressed through roles including workshop foreman, assistant factory manager, and deputy factory manager.
He later moved into senior management, serving as CEO and President of Tianyuan Co., Ltd. In 2016, he was recognized as one of "Yibin's Top Ten Outstanding Entrepreneurs."
In 2020, he was transferred to head Silique Group, a leading enterprise in Yibin's textile industry chain, as its chairman. Three years later, during a board reshuffle at Tianyuan, Deng Min returned to assume the chairmanship.
According to Tianyuan Co., Ltd.'s 2025 annual report, Deng Min's annual salary was 186,200 yuan, the lowest among the company's senior executives. Since October of that year, he has ceased drawing a salary from the company.
This change followed his appointment in September 2025 as General Manager of Yibin Development Holding Group, the largest shareholder of both Tianyuan Co., Ltd. and Wuliangye Yibin Co.,Ltd.. The following month, he joined the board of Wuliangye Group.
Tianyuan Co., Ltd.'s announcement regarding his departure credited him with contributions to refining the company's "one body, two wings" strategy and accelerating its strategic transformation.
He spearheaded Tianyuan's shift from traditional chemicals towards new energy. In a speech at a company innovation conference in April, Deng Min emphasized that only continuous innovation could break resource dependency and build long-term advantages.
This demonstrated capacity for strategic pivoting may be precisely what Wuliangye Yibin Co.,Ltd. requires at this juncture.
Stepping into a Challenging Role
For Deng Min, assuming the chairmanship of Wuliangye Yibin Co.,Ltd. means operating under intense market scrutiny.
The company endured a leadership void of over three months following the investigation into Zeng Congqin in February.
This period was marked by a delayed annual report, disappointing financial results, and a sustained stock price decline, eroding market confidence in the baijiu maker.
In May, the company unveiled its largest-ever support package: a buyback plan of 8 to 10 billion yuan for share cancellation, a minimum 3 billion yuan share purchase by its controlling shareholder, and annual cash dividends of no less than 20 billion yuan.
In total, Wuliangye Yibin Co.,Ltd. and its major shareholder pledged to inject between 31 and 35 billion yuan into the market.
However, this failed to halt the stock's downward trajectory.
At the close on June 9th, Wuliangye's shares fell 1.06%, remaining below the 80 yuan mark. The price has declined over 40% from its peak of 142.96 yuan last year.
Distributors are also facing difficulties.
This year, while the ex-factory price remained unchanged, Wuliangye provided distributors a subsidy of 119 yuan per bottle, lowering the invoice price to 900 yuan. Factoring in rebates and other support, the actual cost was reduced to just over 800 yuan.
Despite these measures, terminal retail prices frequently fall below this cost level.
Deng Min is not entering Wuliangye alone. In May, Hu Bo, born in 1975, was elected as a non-independent director of the listed company. He also hails from the Yibin Development and Silique Group system.
The entry of this local faction into the decision-making echelon signals Yibin authorities' resolve to reform Wuliangye Yibin Co.,Ltd..
On a positive note, for the first quarter of the year, Wuliangye showed signs of recovery, achieving a net profit of 8.063 billion yuan, a year-on-year increase exceeding 80%.
As the new leader tasked with stabilizing the situation, Deng Min's subsequent strategies and actions will be closely watched.
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