(Yicai Global) Jan. 5 -- Chinese bourses have asked several distillers to explain their information disclosure procedures amid the liquor sector's extended rally since last year. But that has done little to stop the shares from surging.

Mainland bourses in Shanghai and Shenzhen have recently inquired how distillers share information about their performance, according to several such notices.

Liquor stocks have responded by soaring even higher. Kweichow Moutai [SHA:600519] surpassed the level of CNY2,000 (USD311) yesterday, becoming China's most valuable mainland-listed firm. The shares were 2.4 percent up this afternoon. Wuliangye [SHE:000858] hit another historic high today at CNY316.50 (USD49). Laobaigan Liquor [SHA:600559] and Swellful [SHA:600779] were also surging.

Regulators' purpose may not be checking the authenticity of these firms' performance, but sending an indirect message to investors to warn them about speculation, Shen Meng, executive director of Chanson Capital, told Yicai Global. Distillers rallied in late 2020, but there has been a gap in earnings growth and stock price jumps, which indicates risk, Shen added.

The bourses are zooming into big firms. The Shenzhen Stock Exchange sent a notice to Sichuan province-based Wuliangye yesterday to ask whether information disclosed at internal meetings has had a significant effect on its share price.

Management at the baijiu maker's parent said in a meeting on Dec. 18, 2020, that double-digit sales and profit growth in the first 11 months of that year have resulted in over CNY110 billion (USD17 billion) in revenue.

Jiugui Liquor was also approached by the SZSE yesterday. The bourse said that the company's management had released important information via unusual channels. Today, Jiugui Liquor's stock price [SHE: 000799] was still nearly 4 percent up.

Sales should "break through CNY3 billion (USD470 million), surpass CNY5 billion, and strive towards CNY10 billion," the Hunan province-based liquor firm had written on its website and WeChat account, citing financial director Cheng Jun, speaking at a dealer meeting. The firm's stock price hit the daily limit-up soon after.

Chairmen of Kweichow Moutai and Shanxi Xinghuacun Fen Wine Factory received letters from the Shanghai Stock Exchange on Dec. 31, 2020, conveying similar regulatory interest.

Editor: Emmi Laine