Moutai shares jump after price increase

Shares rose as much as 9.8% at the open after the state-owned distiller said it would increase factory-gate prices by an average 20% for its signature baiju drink. — Bloomberg

SHANGHAI: Kweichow Moutai Co has jumped the most in two years after the Chinese liquor giant says it will boost prices of its signature alcoholic drinks for the first time since 2017.

Shares rose as much as 9.8% at the open after the state-owned distiller said Tuesday it would increase factory-gate prices by an average 20% for its signature baiju drink, the sorghum-based liquor of choice for banquets among government officials and businessmen in the country.