Web China: Military liquor ban drops shares, cheered by netizens

SHANGHAI, Dec. 25 (Xinhua) -- Liquor shares have plunged since the military authorities issued a ban on receptions featuring liquor and luxury banquets.

The Central Military Commission (CMC) last Friday issued ten regulations that forbid high-ranking military officials from indulging in alcohol, luxury banquets, welcome banners, red carpets, floral arrangements, formations of soldiers, performances and souvenirs when making official visits.

The regulations impacted Kweichow Moutai, a famed Chinese liquor producer, sending shares down 5.5 percent on Monday. The company's market value shrank by 12.5 billion yuan (2 billion U.S dollars) on the same day.

Prices for the company's products have skyrocketed in recent years. Wu Jianhua, secretary of the Shanghai Beverage Association, said the price of the company's Feitian Moutai liquor, which cost just 200 yuan per bottle 10 years ago, hit 1,519 per bottle last year.

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