Investors Lose Taste for Pricey Chinese Liquor as Xi Renews ‘Common Prosperity’ Call
Chinese President
Xi Jinping
has a vision to distribute wealth more equally across the country. Investors are sobering up to what that could mean for the companies that make the nation’s beloved fiery booze.Mr. Xi recently doubled down on his plans for “common prosperity” during China’s weeklong Communist Party congress in October. Investors are worried that this could portend an industry crackdown, or simply be bad for the future sales of luxury baijiu distillers and companies that sell…