(Yicai Global) Jan. 4 -- Shares of Chinese distiller Kweichow Moutai have exceeded CNY2,000 (USD309) for the first time ever, making it the most valuable mainland-listed firm.
Moutai's stock price [SHA:600519] jumped to as high as CNY2,004.99 intraday today with a market cap of CNY2.5 trillion (USD386.9 billion). The equity retreated to CNY1,997 in the afternoon. The rallying distiller has claimed the title of China's biggest listed firm before.
Today's surge is most likely based on the baijiu maker's promising earnings guidance. The company revealed on Dec. 31 that its net profit rose by 10 percent in 2020 from a year ago.
Many financial institutions responded to the report by raising their target prices for the stock. An appropriate price would be CNY2,739, according to China International Capital. Guotai Junan Securities bets on CNY2,317. United Overseas Bank has set its prediction at CNY2,211.
Editor: Emmi Laine