State Council Bans Using Public Funds to Buy Luxury Wine, Maotai's Value Drops by Ten Billion RMB in One Day

• Author: Zhag Qian et al.
• Pages: 2-3

Zhang Zhongan

煌渝蹙茗󲔫2012 烝3鏤28 蹙AII4 󰤨,

http://gzdaily.dayoo.com/html/2012-03/28/content_1655992.htm.

Guangzhou ribao[Guangzhou daily], March 28, 2012, AII 4,

http://gzdaily.dayoo.com/html/2012-03/28/content_1655992.htm.

3/28/2012

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脹≦:

State Council Bans Using Public Funds to Buy Luxury Wine, Maotai’s Value Drops

by Ten Billion RMB in One Day

On March 26, the Anti-corruption Conference convened by the State Council decided to

prohibit the use of public funds for the purchase of cigarettes, fine wines, and gifts. The

next day, the share price of Guizhou Maotai Liquor, the highest priced A-share, had

dramatically fallen by 6.37%. By reference to its shareholders’ equity value of 1.38

billion RMB, in just one day Maotai’s share value dropped by 14.221 billion RMB.

According to reports, a Chinese People’s Political Consultative Committee representative

stated, “the reason behind the tenth fold increase of Maotai’s share value over the last ten

years was none other than the use of public funds for eating and drinking!”

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劄虹󰺽

Zhag Qian et al.

嘷󰳞󳣡󱄓󲔫http://news.xinhuanet.com/world/2012-04/25/c_111843135.htm.

Xinhua wang[Xinhua Net], http://news.xinhuanet.com/world/2012-

04/25/c_111843135.htm.

4/25/2012

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