(Yicai Global) Nov. 10 -- China's best-known liquor maker Kweichow Moutai Co. [SHA:600519] saw its share price jump to a new historic high on Friday, supported by rapid earnings growth and a strong demand among Chinese consumers.
The higher price increases the Guizhou-based liquor maker's market value to CNY852.25 billion (USD128.58 billion). The shares price reached CNY679.92 intraday on Friday.
The company's market cap now is larger than China Petroleum & Chemical Corp. (Sinopec) [SHA:600028], China's second-biggest petrochemical company, or the Bank Of Communications Co. [SHA:600028], China's fifth largest commercial banking company.
The firm's strong share price performance is supported by its recent strong financial results and the gate price hike potential of its major products.
Sales revenue for the full-year 2017 will exceed CNY60 billion and total net profit will be around CNY30 billion, predicted Li Baofang, general manager at the firm.
With the ever-increasing demand, the prices of main products are expected to increase by 15-22 percent annually in the next three years, according to some analysts.
The share price has been in an uptrend since January 2014.
At 1:55 pm, Kweichow Moutai was up 4.40 percent at CNY678.69. Other major liquor makers also performed strongly. Wuliangye Yibin Co. [SHE:000858] was up 3.81 percent at CNY73.88, Jiangsu Yanghe Brewery JSC Ltd. [SHE:002304] up 2.63 percent at CNY 115.95 and Luzhou Laojiao Co. [SHE:000568] increased 2.43 percent to CNY 68.74.