Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Retail Giant Suning’s Founder Has Shares Frozen Amid Cash Crunch
Used Gadget Specialist Aihuishou Aims for $261 Million IPO
Used Gadget Specialist Aihuishou Aims for $261 Million IPO
Retail Giant Suning’s Founder Has Shares Frozen Amid Cash Crunch
ByteDance Seeks to Monetize Its Recommendation Tech With Launch of Volcano Engine
Alibaba Developing Self-Driving Trucks With Logistics Arm Cainiao
Chinese LGBTQ Dating App Owner BlueCity Derives 80% of First-Quarter Revenue From Livestreaming
Huawei Opens Cybersecurity Center in South China to Share Best Practices
Hanson Robotics Launches Social Robot Prototype for Health Care
Geek+ Wins Contract from Hong Kong's Circle K to Deploy Depot Robots
Two Tesla Models Among China's Three Best-Selling Electric Cars in May
Xiaomi, Meituan Co-Lead New Funding Round for Lidar Developer Hesai
Dating Apps Operator Momo Reports Revenue and Profit Down as Paying Users Shrink
CATL and BYD in Talks with Apple for EV Battery Supply
Trending in China: Beijinger’s Tirade Against ‘Stinky’ Migrant Sparks Condemnation
Delivery Platform Dada Losses Swell Despite Healthy Revenue Growth
Xiaomi, Vivo and Oppo Sold One-Third of the World’s Smartphones in First Quarter
Sina-Led Consortium in Talks to Buy Stake in Gaming Firm Yoozoo
EHang Expands Self-Flying Vehicle Testing to Japan, Even as Losses Mount
Huawei Ramps Up Investment in Chipmaking as U.S. Sanctions Bite
Meituan Launches Fund to Boost Research Into Low-Carbon Technology
Trending in China: College Hopefuls Tackle Essay on Party History
Kweichow Moutai Briefly Becomes China's First 1,000 Yuan Stock

By Bloomberg / Jun 28, 2019 04:11 AM / Finance

Photo: Bloomberg

Photo: Bloomberg

China’s equity market finally got its first 1,000 yuan stock — though only briefly.

Liquor giant Kweichow Moutai Co. reached a record 1,001 yuan ($145) in intraday trading Thursday after advancing as much as 2.2%. The stock pared its gain to close up 1.7% at 996.35 yuan. The baijiu producer’s shares have surged 69% this year.

Reaching that milestone at a time when markets are hobbled by uncertainties in advance of the Group of 20 meeting illustrates the continued flight to quality, according to Chen Jihao, fund manager at Beijing Gaoxi Asset Management Co., who has held on to Moutai shares for more than a decade.

"That it’s happening now shows how the ‘smart funds’ are favoring the blue chips," Chen said.

Analysts tracked by Bloomberg earlier forecast that the stock would hit 1,000 yuan this year. China International Capital Corp. analyst Tingzhi Xing projects the shares will reach 1,250 yuan within the next 12 months.

Related:In Depth: Graft Underpins Distribution at World’s Most Valuable Liquor Company

Share this article
Open WeChat and scan the QR code