Chinese Liquor-Maker Wuliangye Chairman Probed for Graft
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Zeng Congqin, chairman of baijiu-maker Wuliangye Group Co. Ltd., has been detained.
The chairman of Wuliangye Group Co. Ltd., China’s second-largest liquor-maker, has been detained by anti-graft authorities, marking the latest high-profile executive to fall in the country’s alcohol industry.
Zeng Congqin, who leads both the state-owned company and its Shenzhen-listed subsidiary Wuliangye Yibin Co. Ltd. (000858.SZ), is suspected of “serious violations of discipline and law,” according to a statement released late Saturday by the discipline inspection commission of Yibin, Sichuan province.
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- Wuliangye Group Chairman Zeng Congqin has been detained by Chinese anti-graft authorities for “serious violations of discipline and law.”
- The company faces leadership crises, as Zeng’s predecessor was also detained, and financial troubles, with Q3 2025 revenue dropping 52.7% and net profit down 65.6%.
- Zeng, a longtime local government official, became chairman in 2022 and previously served as general manager since 2019.
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Who’s Who
- Wuliangye Group Co. Ltd.
- Wuliangye Group Co. Ltd. is China's second-largest liquor maker and a state-owned company. Its chairman, Zeng Congqin, who also leads its Shenzhen-listed subsidiary Wuliangye Yibin Co. Ltd., has been detained for suspected "serious violations of discipline and law." This follows the 2025 investigation of his predecessor, Li Shuguang. The company faces a leadership crisis and significant financial downturn due to sluggish baijiu consumption.
- Wuliangye Yibin Co. Ltd.
- Wuliangye Yibin Co. Ltd. (000858.SZ) is the Shenzhen-listed subsidiary of Wuliangye Group Co. Ltd., China's second-largest liquor maker. It's currently facing a leadership crisis and financial struggles due to sluggish consumption, with revenue and profit significantly declining in 2025. Its chairman, Zeng Congqin, was detained for "serious violations of discipline and law."
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What Happened When
- February 2022：
- Zeng Congqin took the helm of Wuliangye, succeeding Li Shuguang as chairman.
- January 10, 2025：
- It was announced that Li Shuguang, Zeng’s predecessor, was under investigation.
- 2025 Q3：
- Wuliangye’s listed subsidiary reported a 52.7% drop in revenue to 8.2 billion yuan and a 65.6% drop in net profit to 2 billion yuan.
- First three quarters of 2025：
- Wuliangye’s revenue fell 10.3% to 60.9 billion yuan, and profits fell 13.7% to 21.51 billion yuan.
- February 24, 2026：
- Zeng Congqin made his last public appearance, chairing a post-Lunar New Year meeting.
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