The exit appears to reflect selling rather than dilution: 3.5 million shares was enough to rank in the top 10 for April-June, below Huijin’s 10.4 million-share and CSF’s 4.03 million-share first-quarter stakes.
Moutai’s shares have fallen more than 40% from their peak five years ago, deepening pressure on a company long treated as a proxy for China’s consumer strength.
The pullback highlights broader baijiu-sector weakness, with demand hit by a prolonged post-Covid downturn, Beijing’s anti-corruption campaign, a weaker jobs market and younger consumers’ shifting tastes.