(Yicai Global) Nov. 3 -- Kweichow Moutai Group, the renowned Chinese liquor company, has invested CNY450 million (USD65 million) in a newly-established arm of Guizhou-Cloud Big Data Industry Development, which has supplied iCloud services to Apple in China since February.
Moutai's shares [SHA:600519] rose 6.55 percent, closing at CNY599.90 yesterday on the news, arresting a slide of 31 per cent from their CNY799.19 record of June 12 and losing CNY314 billion in market value.
The new unit, Guizhou-Cloud Big Data (Group) was set up with registered capital of CNY1.7 billion (USD248 million) on Oct. 19, according to company information platform Qixin.Com. Moutai took 26.47 percent to become second-largest shareholder after the Guizhou State-Owned Supervision and Administration Commission under the State Council, which holds 38.24 percent.
The development marks a further step in the southwestern province's bid to become China's Big Data hub.
"Moutai has long been a symbol of Guizhou, while Big Data has now joined its ranks. Moutai's embrace of the Big Data business is the integration of the old and the new," Jing Yaping, deputy director of Guizhou provincial Big Data development authority said when evaluating the project.
Moutai Group has expanded its business scope, adding real estate development and leasing, internet, education and agriculture to its distillery business, public information shows.
Editor: Ben Armour