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Original title: Regulatory attention to continuous funding and passion for wine
Source: Shanghai Securities News
◎Reporter Wang Zilin○Editor Qiu Jiang
On the second trading day of 2021, the A-share liquor sector continued to advance by leaps and bounds.Wuliangye、Alcoholic liquorIssuing a regulatory letter and a letter of concern, as well as previous regulatory concerns of the Shanghai Stock ExchangeKweichow Moutai、Shanxi FenjiuImpact. The reporter learned that various wine companies will soon disclose their full-year results for 2020, and many wine companies have announced the development plan targets of the “14th Five-Year Plan”, making funds continue to be optimistic about liquor stocks.
Within a week, Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Jiuguijiu successively received supervisory letters and letters of concern from the exchange. Investigating the reasons, all four wine companies had flaws in their information disclosure.
Taking Jiuguijiu as an example, the supervisory letter issued by the Shenzhen Stock Exchange shows that on the morning of December 28, 2020, Jiuguijiu published on the official website and WeChat official account of listed companies entitled “2020 Jiuguijiu Creates History, 2021 Jiuguijiu Fu is soaring. ! According to the report, Cheng Jun, the company’s financial director, stated at the dealer conference that the company’s sales target is “to break through 3 billion, surpass 5 billion, and strive to reach 10 billion.”
After the article was published, the stock price of Jiuguijiu continued to rise, reaching 27.55% in the past five trading days. The Shenzhen Stock Exchange’s Corporate Supervision Department stated that Jiuguijiu used non-statutory information disclosure channels to release important information related to the company’s operations, violating the relevant provisions of the Shenzhen Stock Exchange’s “Stock Listing Rules” and “Guidelines for Standardized Operation of Listed Companies.”
The situation of Kweichow Moutai, Wuliangye and Shanxi Fenjiu is similar to Jiuguijiu. They are all caused by the company’s management releasing important information related to the company’s operations through non-statutory information disclosure channels, and the released operating information has caused the company’s stock price to fluctuate.
According to analysis by industry insiders, the current regulators are adopting a side-regulation trend on the liquor industry, that is, they do not directly intervene in the market, but instead supervise violations at the company level and management in order to cool the market.
The reporter noted that the State Administration of Market Supervision has also increased its supervision of “famous liquor” at the end of 2020. According to regulatory requirements, market regulatory authorities at all levels should pay close attention to the price behavior of famous liquor-related companies such as Moutai, increase inspections of key enterprises, key links, and key commodities, and seriously investigate and deal with price violations that disrupt market order.
Nevertheless, the stock price of liquor stocks is still hot. On January 5, a number of liquor stocks reached a new high, and Kweichow Moutai’s share price closed above 2,000 yuan for the first time.
The optimism of funds for liquor stocks stems from the certainty of the latter’s future performance. Up to now, many wine companies have clearly formulated specific goals for the development plan during the “14th Five-Year Plan” period. E.g,Luzhou LaojiaoIt is proposed that the 1573 Camp Guojiao will receive more than 20 billion yuan in 2022 and 30 billion yuan by 2025; Jiuguijiu is clear that it will increase customer coverage during the “14th Five-Year Plan” period and speed up the opening of specialty stores. Moutai Group put forward development goals such as “triple doubling” in its New Year’s message in 2021, and aspires to become the first “Fortune 500” company in Guizhou Province.
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