When Chinese President Xi Jinping started to tackle official displays of excess more than three years ago, one local company suffered more than the others. Kweichow Moutai, whose pricey grain liquor became a staple of state banquets and a typical gift, saw its sales dip by as much as 30%.
But now the state-owned liquor maker is making a strong comeback – so much so that the company has now overtaken Johnnie Walker-brand owner Diageo as the world’s most valuable alcoholic beverage company.