Xu Caiyuan News Today : Breaking News, Live Updates & Top Stories | Vimarsana

By Reuters Staff
3 Min Read
SHANGHAI, Feb 10 (Reuters) - Kweichow Moutai Co shares hit record levels on Wednesday after the Chinese liquor maker scrapped plans to donate $127 million to fund public projects in response to investors’ objections.
Moutai’s shares jumped nearly 6% to a record 2,601 yuan ($403.95) on Wednesday, cementing Moutai’s position as the biggest listed company in China, and the world’s top liquor brand by market cap.
The rally was also fuelled by the company’s newly-released promotional video featuring a rap song entitled “Oh It’s Moutai”, which went viral on social media.
Investors cheered after Moutai backed away from a plan to donate 820 million yuan ($127.32 million) to fund public projects including a highway and a city sewage system, which had been announced in October. ....

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