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endpoint: analytics
pattern: Consumer
status: done
latency_ms: 112910
conversation_id: eea5e0d9-094d-415f-bed1-fbe7d8763273
citations: 3
created: 2026-05-31 18:15:17Z
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# Who are the key shareholders of Kweichow Moutai?

## Kweichow Moutai (600519-CN) — Key Shareholders

Kweichow Moutai is a **state-controlled enterprise** under Guizhou Province. Its shareholder base is dominated by the controlling Moutai Group, Guizhou provincial state-owned vehicles, and a large free float held by foreign investors (via Stock Connect / HKSCC), domestic index funds, and central-government investment vehicles.

### Top 10 Shareholders — As of Year-End 2025 (FY2025 Annual Report)

| # | Shareholder | Shares Held | Ratio (%) | Nature |
|---|---|---|---|---|
| 1 | **China Kweichow Moutai Distillery (Group) Co., Ltd.** ("Moutai Group") | 681,282,935 | **54.40** | State-owned legal person (controlling shareholder) [1] |
| 2 | Guizhou State-owned Capital Operation Co., Ltd. | 56,996,777 | 4.55 | State-owned legal person [2] |
| 3 | Hong Kong Securities Clearing Company Ltd. (HKSCC, i.e., Stock Connect aggregate) | 55,048,844 | 4.40 | Unknown (foreign investors) [2] |
| 4 | Kweichow Moutai Distillery (Group) Technology Development Co., Ltd. | 27,849,688 | 2.22 | State-owned legal person (subsidiary of Moutai Group) [2] |
| 5 | ICBC – SSE 50 ETF | 11,573,000 | 0.92 | Index fund [2] |
| 6 | Central Huijin Asset Management Co., Ltd. | 10,397,104 | 0.83 | State-owned legal person ("national team") [2] |
| 7 | ICBC – Huatai-PineBridge CSI 300 ETF | 10,324,650 | 0.82 | Index fund [2] |
| 8 | China Securities Finance Corporation Limited | 8,039,447 | 0.64 | State-owned ("national team") [2] |
| 9 | CCB – E Fund CSI 300 ETF | 7,377,868 | 0.59 | Index fund [2] |
| 10 | ICBC – Huaxia CSI 300 ETF | 5,629,234 | 0.45 | Index fund [2] |

### Controlling Shareholder Group — Aggregate Holding

Moutai Group, together with its wholly-owned subsidiary Kweichow Moutai Distillery (Group) Technology Development Co., Ltd., held an aggregate of **709,132,623 shares, representing 56.63% of total share capital** at year-end 2025 [1]. Moutai Group completed a Rmb3.0bn share-purchase plan during 2025, lifting its direct stake by 2,071,359 shares (+0.17ppt) [1].

The ultimate controller is the **Guizhou Provincial State-owned Assets Supervision and Administration Commission (Guizhou SASAC)**, which fully owns Moutai Group. Listed-co management has confirmed Moutai Group as the controlling shareholder with related-party transactions disclosed accordingly [3].

### Comparison — FY2024 vs FY2025 Top 4

| Shareholder | FY2024 Ratio | FY2025 Ratio | Change |
|---|---|---|---|
| Moutai Group | 54.07% [3] | 54.40% [1] | +0.33ppt (buyback program) |
| HKSCC (Stock Connect) | 6.17% [3] | 4.40% [2] | −1.77ppt (foreign outflows) |
| Guizhou State-owned Capital Operation | 4.54% [3] | 4.55% [2] | Flat |
| Moutai Group Technology Development | 2.22% [3] | 2.22% [2] | Flat |

### Key Observations

- **State control is overwhelming**: Moutai Group + its tech-development subsidiary + Guizhou State-owned Capital Operation Co. together control **~61% of shares**, all ultimately under Guizhou SASAC [1][2].
- **Foreign holdings via HKSCC dropped sharply** from 6.17% (year-end 2024) to 4.40% (year-end 2025) — a meaningful exit by Stock Connect investors during the baijiu downturn and policy headwinds [2][3].
- **The "national team"** (Central Huijin + China Securities Finance) holds a combined ~1.5% — a stabilising onshore position [2].
- **Domestic ETF presence is concentrated** in CSI 300 / SSE 50 trackers held via ICBC, CCB custody structures, reflecting Moutai's index weight rather than active conviction [2].
- **Retail base is fragmented**: 207,894 ordinary shareholder accounts as of FY2024 year-end, suggesting strong domestic retail participation in the float [3].

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**Sources**
[1] 贵州茅台2025年年度报告（英文版） — Kweichow Moutai FY2025 Annual Report (Moutai Group shareholding increase disclosure)
[2] 贵州茅台2025年年度报告（英文版） — Kweichow Moutai FY2025 Annual Report (Top 10 Shareholders table)
[3] Kweichow Moutai Co., Ltd., Q4 2024 Report (FY2024 Annual Report — Top 10 Shareholders table)

## Citations

- [1] **贵州茅台2025年年度报告（英文版）** · external
- [2] **贵州茅台2025年年度报告（英文版）** · external
- [3] **Kweichow Moutai Co., Ltd., Q4 2024 Report** · external

