BEIJING, Nov.19 (Xinhua) -- While China's high-end liquor makers are enjoying intoxicating profits, they face a frustrated stock market partly due to government vows to control official spending on banquets.
Stock dips swept the liquor sector listed on China's Shanghai and Shenzhen Stock Exchanges on Monday, sparing only a few.
Kweichow Moutai, Wuliangye and Luzhoulaojiao saw stocks tumble by 4.6, 5.8 and 6.1 percent respectively as of the end of trading.
Declines in other renowned liquor brands meant the sector suffered one of the biggest plummets seen in China's stock market on Monday.
The net profits of Kweichow Moutai surged 106.05 percent year on year to reach 3.42 billion yuan (543.41 million U.S. dollars) in the third quarter of 2012.
Wuliangye Group, a major competitor of Moutai, also recorded a net profit increase of nearly 90 percent in the third quarter, which the company attributed to price hikes and strong sales.
However, Moutai has gone through a string of price drops this year that have taken its average bottle price to around 1,500 yuan from about 2,300 yuan at the beginning of 2012.
Landmark building should respect the public's feeling
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