(Yicai Global) Sept. 27 -- Shares in Kweichow Moutai soared by the exchange-imposed limit today as a new chairman took up the reins, promising to shake up the Chinese distiller’s sales and marketing channels in a bid to tackle slowing growth and a sinking stock price.

Kweichow Moutai’s share price [SHA:600519] closed up 9.5 percent at CNY1,855 (USD287), giving it a market capitalization of CNY2.33 trillion (USD360 billion). Earlier in the day it had reached CNY1,863.40. This is still a 28.5 percent drop from February’s highs.

It was closely followed by other grain-based spirit stocks. Wuliangye Yibin [SHE:000858] and Luzhou Laojiao [SHE:000568] both surged by the exchange-imposed limit to close at CNY220.57 (USD34.10) and CNY205.04 respectively.

Ding Xiongfeng is the liquor maker’s youngest chairman ever at 47 years old and he will also be chair of parent firm Kweichow Moutai Group. He replaces Gao Weidong who stepped down after only a year and a half in the job, mostly likely due to stalling sales growth, analysts said.

Ding, who joins the Maotai, southwestern Guizhou province-based firm from the Guizhou Energy Administration, said at an extraordinary shareholders meeting last week that he intends to introduce new retail channels and clamp down on the market speculation that has driven up pricing and badly damaged the brand’s image.

The highly sought-after liquor Maotai has huge cultural cache in China and can change hands at prices far above the market price. Earlier this month, former Chairman Yuan Guoren was sentenced to life in jail for accepting CNY113 million (USD17.5 million) in bribes during his time in office. Yuan was found guilty of taking advantage of his position to help others secure distribution rights and increase the allocation of the popular alcohol.

Editor: Kim Taylor