Sales at China’s Kweichow Moutai, the world’s most valuable distiller, grew at their slowest pace in five years in the second quarter as the company came under pressure from accusations it is reaping the benefits of corruption.
The premium liquor maker said revenue rose 8.8 per cent to Rmb20.3bn ($2.9bn) in the three months to the end of June, the slowest since 2015.
That followed a 12.5 per cent jump in the first quarter as Moutai, the country’s most expensive firewater — and the spirit favoured by former Chinese leader Mao Zedong — defied a coronavirus-driven industry downturn thanks to its popularity among China's wealthy population.
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